Sylvan Lake at a glance
- Population: a Census-estimated 1,702, placing it 277th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 1,718 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 0.9% below the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 277th in population of 533 places (US Census Bureau).
- Size percentile: about 48% of places in Michigan are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.6168, -83.3335.
- Nearest larger cities: Keego Harbor, MI (1 mi); Orchard Lake Village, MI (3 mi); Pontiac, MI (3 mi); Bloomfield Hills, MI (5 mi); Auburn Hills, MI (6 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Lake Angelus, MI (5 mi); Bingham Farms, MI (7 mi); Village of Clarkston, MI (9 mi) — US Census Bureau populations.
What a personal loan costs in Sylvan Lake
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.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Michigan lending rules that apply in Sylvan Lake
Read the table as the compliance picture for a lender serving Sylvan Lake: label, sourced figure, publisher and date.
| 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 Sylvan Lake
A few practical steps will make the process in Sylvan Lake less costly:
- 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.