Mackinaw City at a glance
- Population: roughly 847 people; 378th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 846 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: up about 0.1% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 378th of the state's 533 Census places (US Census Bureau).
- Size percentile: ahead of around 29% of Michigan places in population terms (US Census Bureau).
- Coordinates: it sits at 45.7839, -84.7566 in the US Census Bureau Gazetteer.
- Nearest larger cities: St. Ignace, MI (7 mi); Cheboygan, MI (17 mi); Harbor Springs, MI (27 mi); Petoskey, MI (31 mi); Onaway, MI (39 mi); US Census Bureau population estimates.
- Nearest smaller places: Mackinac Island, MI (8 mi); Pellston, MI (16 mi); Alanson, MI (24 mi) (US Census Bureau estimates).
What a personal loan costs in Mackinaw City
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Michigan lending rules that apply in Mackinaw City
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Mackinaw City.
| 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 Mackinaw City
The order below is a sensible way to approach a loan in Mackinaw City:
- 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.