Bessemer at a glance
- Population: 1,779, the 269th-largest community in Michigan out of 533 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 1,804 (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.4% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 269th out of 533 Census places (US Census Bureau).
- Size percentile: about 50% of places in Michigan are smaller (US Census Bureau).
- Coordinates: 46.4776 latitude, -90.0498 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Ironwood, MI (5 mi); Ashland, WI (40 mi); Park Falls, WI (42 mi); Washburn, WI (43 mi); Rhinelander, WI (65 mi) (US Census Bureau populations).
- Nearest smaller towns: Wakefield, MI (6 mi); Hurley, WI (8 mi); Montreal, WI (10 mi) (US Census Bureau).
What a personal loan costs in Bessemer
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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 Bessemer
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Bessemer.
| 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 Bessemer
The order below is a sensible way to approach a loan in Bessemer:
- 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.