Taylor at a glance
- Population: 61,241 (US Census Bureau, Vintage 2023 subcounty estimate), the 19th-largest of 533 places in Michigan.
- 2020 Census base: the 2020 Census recorded 63,390 residents here (US Census Bureau).
- 2020 to 2023 change: about 3.4% lower than the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 19th by size among 533 communities (US Census Bureau).
- Size percentile: it exceeds roughly 96% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 42.2253, -83.2677 (US Census Bureau Gazetteer).
- Nearest larger cities: Dearborn, MI (7 mi); Westland, MI (9 mi); Livonia, MI (13 mi); Detroit, MI (14 mi); Southfield, MI (17 mi); US Census Bureau population estimates.
- Smaller places close by: Southgate, MI (3 mi); Allen Park, MI (4 mi); Lincoln Park, MI (5 mi) (US Census Bureau).
What a personal loan costs in Taylor
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
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.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Taylor
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Taylor
These steps are the ones that most affect the offer you receive in Taylor:
- 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.