Sherwood at a glance
- Population: about 284 residents, ranking 496th of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 284 residents here (US Census Bureau).
- 2020 to 2023 change: about the same as at the 2020 Census (US Census Bureau).
- Rank among Michigan places: 496th largest of 533 (US Census Bureau).
- Size percentile: about 7% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 41.9997, -85.2394 in the US Census Bureau Gazetteer.
- Nearest larger cities: Colon, MI (5 mi); Athens, MI (6 mi); Union City, MI (7 mi); Bronson, MI (9 mi); Burlington, MI (11 mi); US Census Bureau population estimates.
- Nearest smaller towns: Allen, MI (24 mi); Corunna, IN (39 mi); Blakeslee, OH (42 mi) (US Census Bureau).
What a personal loan costs in Sherwood
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Sherwood
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| Regulated lender interest/finance charge cap | 25% per annum (Credit Reform Act, MCL 445.1854(1)) Source says: "may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum" | Michigan Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 7% per annum maximum by written agreement; 5% legal rate (MCL 438.31) Source says: "it shall be lawful for the parties to stipulate in writing for the payment of any rate of interest, not exceeding 7% per annum" | Michigan Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment service transactions (2005 PA 244; MCL 487.2121 et seq.), licensed and regulated by DIFS Source says: "AN ACT to regulate the business of providing deferred presentment service transactions; to require the licensing of providers of deferred presentment service transactions" | Michigan Legislature as of 2026-09-16 |
| Small-loan / installment lender licensing | License required from the commissioner to make regulated loans (Regulatory Loan Act, MCL 493.1 et seq.) Source says: "a person shall not engage in the business of making loans of money ... without first obtaining a license from the commissioner" | Michigan Legislature as of 2026-09-16 |
| State lending regulator | Michigan Department of Insurance and Financial Services (DIFS) Source says: ""Department" means the department of insurance and financial services" | Michigan Legislature as of 2026-09-16 |
How to compare offers in Sherwood
These steps are the ones that most affect the offer you receive in Sherwood:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.