Caledonia at a glance
- Population: roughly 1,775 people; 270th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,627 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: up about 9.1% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 270th-largest of 533 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: ahead of around 49% of Michigan places in population terms (US Census Bureau).
- Coordinates: 42.7947 / -85.5171, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Middleville, MI (6 mi); Kentwood, MI (7 mi); Wayland, MI (11 mi); East Grand Rapids, MI (11 mi); Wyoming, MI (12 mi) (US Census Bureau populations).
- Nearest smaller communities: Freeport, MI (10 mi); Clarksville, MI (14 mi); Hopkins, MI (17 mi) (Census populations).
What a personal loan costs in Caledonia
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Michigan lending rules that apply in Caledonia
Read the table as the compliance picture for a lender serving Caledonia: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Caledonia
The steps below are worth completing first when you borrow in Caledonia:
- 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.