Westphalia at a glance
- Population: 941 people, the 364th-largest place among Michigan's 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 942 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 0.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 364th by size among 533 communities (US Census Bureau).
- Size percentile: ahead of around 32% of Michigan places in population terms (US Census Bureau).
- Coordinates: it sits at 42.9310, -84.7979 in the US Census Bureau Gazetteer.
- Nearest larger cities: Fowler, MI (6 mi); Portland, MI (7 mi); DeWitt, MI (13 mi); Grand Ledge, MI (13 mi); St. Johns, MI (13 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Pewamo, MI (6 mi); Lyons, MI (8 mi); Muir, MI (8 mi), per US Census Bureau estimates.
What a personal loan costs in Westphalia
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.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Michigan lending rules that apply in Westphalia
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 Westphalia
Before you share your details with a lender in Westphalia:
- 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.