Caspian at a glance
- Population: 818 (US Census Bureau, Vintage 2023 subcounty estimate), the 383rd-largest of 533 places in Michigan.
- 2020 Census base: 810 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: an increase of about 1.0% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 383rd largest of 533 (US Census Bureau).
- Size percentile: larger than about 28% of the Census places in Michigan (US Census Bureau).
- Coordinates: 46.0653 latitude, -88.6266 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Iron River, MI (2 mi); Crystal Falls, MI (15 mi); Kingsford, MI (31 mi); Eagle River, WI (32 mi); Iron Mountain, MI (32 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Gaastra, MI (1 mi); Alpha, MI (12 mi); Wausaukee, WI (57 mi) (US Census Bureau).
What a personal loan costs in Caspian
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Michigan lending rules that apply in Caspian
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Caspian.
| 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 Caspian
The order below is a sensible way to approach a loan in Caspian:
- 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.