Gibraltar at a glance
- Population: 4,873 residents, the 155th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 4,999 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 2.5% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 155th-largest of 533 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 71% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.1054, -83.2010.
- Nearest larger cities: Trenton, MI (2 mi); Woodhaven, MI (3 mi); Flat Rock, MI (4 mi); Riverview, MI (5 mi); Southgate, MI (7 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Rockwood, MI (3 mi); South Rockwood, MI (5 mi); Estral Beach, MI (8 mi), per US Census Bureau estimates.
What a personal loan costs in Gibraltar
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Gibraltar
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Gibraltar.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Gibraltar
The order below is a sensible way to approach a loan in Gibraltar:
- 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.