Eastlake at a glance
- Population: a Census-estimated 421, placing it 455th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 419 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.5% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 455th in population of 533 places (US Census Bureau).
- Size percentile: about 15% of places in Michigan are smaller (US Census Bureau).
- Coordinates: latitude 44.2455, longitude -86.2929 (US Census Bureau Gazetteer).
- Nearest larger cities: Manistee, MI (2 mi); Kaleva, MI (16 mi); Scottville, MI (20 mi); Ludington, MI (21 mi); Thompsonville, MI (26 mi); US Census Bureau population estimates.
- Nearest smaller places: Onekama, MI (9 mi); Free Soil, MI (10 mi); Bear Lake, MI (14 mi) (US Census Bureau estimates).
What a personal loan costs in Eastlake
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Michigan lending rules that apply in Eastlake
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Eastlake.
| 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 Eastlake
The steps below are worth completing first when you borrow in Eastlake:
- 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.