Bear Lake at a glance
- Population: 337 — 477th in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 336 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 0.3% more residents than the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 477th largest of 533 (US Census Bureau).
- Size percentile: roughly 11% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: mapped at 44.4199, -86.1452 by the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Onekama, MI (5 mi); Kaleva, MI (7 mi); Thompsonville, MI (12 mi); Benzonia, MI (14 mi); Eastlake, MI (14 mi) (US Census Bureau populations).
- Nearest smaller places: Copemish, MI (12 mi); Beulah, MI (15 mi); Elberta, MI (15 mi) (US Census Bureau estimates).
What a personal loan costs in Bear Lake
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Bear Lake
Read the table as the compliance picture for a lender serving Bear 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 Bear Lake
Here is a short checklist for comparing personal loans in Bear Lake:
- 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.