Pierson at a glance
- Population: the Census estimates 204 residents, ranking 517th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 199 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population rose about 2.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: 517th in population of 533 places (US Census Bureau).
- Size percentile: it exceeds roughly 3% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 43.3196 latitude, -85.4975 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Sand Lake, MI (3 mi); Howard City, MI (5 mi); Cedar Springs, MI (7 mi); Morley, MI (12 mi); Rockford, MI (13 mi) (US Census Bureau).
- Nearest smaller towns: Eagle, MI (50 mi); Fountain, MI (61 mi); Free Soil, MI (65 mi) — US Census Bureau populations.
What a personal loan costs in Pierson
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Pierson
Read the table as the compliance picture for a lender serving Pierson: label, sourced figure, publisher and date.
| 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 Pierson
A few practical steps will make the process in Pierson less costly:
- 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.