Laurium at a glance
- Population: 1,876 people, the 264th-largest place among Michigan's 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 1,873 residents here (US Census Bureau).
- 2020 to 2023 change: up about 0.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: the 264th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: about 50% of places in Michigan are smaller (US Census Bureau).
- Coordinates: latitude 47.2351, longitude -88.4382 (US Census Bureau Gazetteer).
- Nearest larger cities: Hancock, MI (10 mi); Houghton, MI (10 mi); Baraga, MI (32 mi); L'Anse, MI (33 mi); Ishpeming, MI (64 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Calumet, MI (1 mi); Lake Linden, MI (3 mi); Copper City, MI (4 mi) (Census populations).
What a personal loan costs in Laurium
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.
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.
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 Laurium
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| 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 Laurium
Here is a short checklist for comparing personal loans in Laurium:
- 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.