Ravenna at a glance
- Population: 1,377 — 309th in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,342 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: an increase of about 2.6% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 309th of the state's 533 Census places (US Census Bureau).
- Size percentile: it is larger than about 42% of the places in Michigan (US Census Bureau).
- Coordinates: 43.1880 latitude, -85.9412 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Coopersville, MI (8 mi); Sparta, MI (12 mi); Norton Shores, MI (15 mi); Spring Lake, MI (15 mi); Muskegon Heights, MI (15 mi) — straight-line distances, US Census Bureau populations.
- Smaller places close by: Casnovia, MI (8 mi); Kent City, MI (10 mi); Fruitport, MI (12 mi) (US Census Bureau).
What a personal loan costs in Ravenna
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Ravenna
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Ravenna
Before you commit to a personal loan in Ravenna, work through these steps:
- 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.