Applying for a Personal Installment Loan in Detroit, Michigan
LoanFAP is a direct lender serving residents of Detroit, Michigan (population 3.8 million, Wayne County). Apply online in minutes and receive a same-business-day decision.
A personal installment loan is repaid in fixed monthly payments over a set term, so the payment amount and the payoff date are known before you sign. Personal installment lending in Michigan is governed by MI Comp L § 493.2 (2025).
Michigan Installment Loan Rules — Summary for Detroit Borrowers
A $1,000 loan repaid over 24 months at 25.0% APR runs about $53 a month, or about $1,274 in total.
Governing law: MI Comp L § 493.2 (2025)
Full Michigan installment loan rules → Michigan Personal Installment Loan Guide
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Have a general question about installment loans? See our Loan FAQ.
