Burr Oak at a glance
- Population: about 760, 394th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 774 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a decline of roughly 1.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 394th largest of 533 (US Census Bureau).
- Size percentile: ahead of around 26% of Michigan places in population terms (US Census Bureau).
- Coordinates: mapped at 41.8474, -85.3239 by the US Census Bureau Gazetteer.
- Nearest larger cities: Sturgis, MI (6 mi); Bronson, MI (7 mi); Colon, MI (8 mi); Centreville, MI (12 mi); Mendon, MI (13 mi); US Census Bureau population estimates.
- Smaller towns nearby: Orland, IN (11 mi); Sherwood, MI (11 mi); Burlington, MI (22 mi) (US Census Bureau).
What a personal loan costs in Burr Oak
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Michigan lending rules that apply in Burr Oak
Read the table as the compliance picture for a lender serving Burr Oak: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Burr Oak
The steps below are worth completing first when you borrow in Burr Oak:
- 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.