Onsted at a glance
- Population: the Census estimates 997 residents, ranking 353rd of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 1,002 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population fell about 0.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: 353rd of 533 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 34% of Michigan places in population terms (US Census Bureau).
- Coordinates: it sits at 42.0061, -84.1893 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Brooklyn, MI (8 mi); Adrian, MI (10 mi); Clinton, MI (12 mi); Tecumseh, MI (13 mi); Manchester, MI (13 mi) (US Census Bureau).
- Smaller towns nearby: Cement City, MI (8 mi); Addison, MI (8 mi); Clayton, MI (10 mi) (US Census Bureau).
What a personal loan costs in Onsted
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.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Onsted
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Onsted
The order below is a sensible way to approach a loan in Onsted:
- 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.