Roscommon at a glance
- Population: a Census-estimated 989, placing it 356th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 981 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 0.8% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 356th out of 533 Census places (US Census Bureau).
- Size percentile: roughly 33% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 44.4883, -84.5899 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Grayling, MI (13 mi); West Branch, MI (23 mi); Kalkaska, MI (34 mi); Harrison, MI (35 mi); Gladwin, MI (35 mi) (US Census Bureau).
- Smaller places nearby: Rose City, MI (24 mi); Lake City, MI (32 mi); McBain, MI (37 mi), per US Census Bureau estimates.
What a personal loan costs in Roscommon
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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 term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Roscommon
The table lists the Michigan rules that apply to a loan made in Roscommon, each with the regulator that published it.
| 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 Roscommon
Before you commit to a personal loan in Roscommon, 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.