Kaleva at a glance
- Population: roughly 527 people; 429th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 522 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: an increase of about 1.0% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 429th out of 533 Census places (US Census Bureau).
- Size percentile: about 20% of places in Michigan are smaller (US Census Bureau).
- Coordinates: it sits at 44.3723, -86.0136 in the US Census Bureau Gazetteer.
- Nearest larger cities: Benzonia, MI (17 mi); Manistee, MI (18 mi); Buckley, MI (19 mi); Frankfort, MI (21 mi); Kingsley, MI (28 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Bear Lake, MI (7 mi); Copemish, MI (9 mi); Onekama, MI (9 mi) — US Census Bureau populations.
What a personal loan costs in Kaleva
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Michigan lending rules that apply in Kaleva
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Kaleva.
| 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 Kaleva
Before you commit to a personal loan in Kaleva, 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.