Hersey at a glance
- Population: 363 (US Census Bureau, Vintage 2023 subcounty estimate), the 470th-largest of 533 places in Michigan.
- 2020 Census base: 357 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: an increase of about 1.7% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 470th of 533 by population (US Census Bureau, Vintage 2023).
- Size percentile: it is larger than about 12% of the places in Michigan (US Census Bureau).
- Coordinates: 43.8513, -85.4419 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Reed City, MI (4 mi); Evart, MI (9 mi); Big Rapids, MI (11 mi); Barryton, MI (16 mi); Mecosta, MI (19 mi) (US Census Bureau populations).
- Smaller places close by: Le Roy, MI (13 mi); Tustin, MI (17 mi); Luther, MI (18 mi) (US Census Bureau).
What a personal loan costs in Hersey
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Hersey
The table lists the Michigan rules that apply to a loan made in Hersey, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hersey
Before you commit to a personal loan in Hersey, work through these steps:
- 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.