Wyoming at a glance
- Population: 77,451 — 13th in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 76,510 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.2% more residents than the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 13th of the state's 533 Census places (US Census Bureau).
- Size percentile: about 98% of places in Michigan are smaller (US Census Bureau).
- Coordinates: 42.8903, -85.7067 (Census Gazetteer, US Census Bureau).
- Nearest larger cities within 120 miles: Grand Rapids, MI (6 mi); Lansing, MI (59 mi); South Bend, IN (89 mi); Flint, MI (102 mi); Ann Arbor, MI (109 mi) (US Census Bureau).
- Smaller places close by: Grandville, MI (2 mi); Kentwood, MI (6 mi); East Grand Rapids, MI (6 mi) (US Census Bureau).
What a personal loan costs in Wyoming
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Michigan lending rules that apply in Wyoming
The Michigan rate caps and licensing rules that reach Wyoming are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Wyoming
Before you share your details with a lender in Wyoming:
- 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.