Port Hope at a glance
- Population: roughly 274 people; 500th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 279 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a loss of about 1.8% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 500th largest of 533 (US Census Bureau).
- Size percentile: roughly 6% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: latitude 43.9394, longitude -82.7150 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Harbor Beach, MI (7 mi); Kinde, MI (14 mi); Port Austin, MI (16 mi); Bad Axe, MI (17 mi); Ubly, MI (19 mi) (US Census Bureau populations).
- Smaller towns nearby: Minden City, MI (19 mi); Forestville, MI (20 mi); Owendale, MI (31 mi) (US Census Bureau).
What a personal loan costs in Port Hope
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Port Hope
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Port Hope
These steps are the ones that most affect the offer you receive in Port Hope:
- 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.