Springfield at a glance
- Population: 5,281 residents, the 146th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 5,291 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a loss of about 0.2% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 146th largest of 533 (US Census Bureau).
- Size percentile: about 73% of places in Michigan are smaller (US Census Bureau).
- Coordinates: 42.3241 latitude, -85.2354 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Battle Creek, MI (2 mi); Marshall, MI (14 mi); Kalamazoo, MI (18 mi); Portage, MI (20 mi); Hastings, MI (23 mi) (US Census Bureau).
- Smaller places close by: Augusta, MI (6 mi); Climax, MI (8 mi); Galesburg, MI (10 mi) (US Census Bureau).
What a personal loan costs in Springfield
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Michigan lending rules that apply in Springfield
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Springfield.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Springfield
The steps below are worth completing first when you borrow in Springfield:
- 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.