Chatham at a glance
- Population: 216 (US Census Bureau, Vintage 2023 subcounty estimate), the 512th-largest of 533 places in Michigan.
- 2020 Census base: 217 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 0.5% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 512th largest of 533 (US Census Bureau).
- Size percentile: ahead of around 4% of Michigan places in population terms (US Census Bureau).
- Coordinates: it sits at 46.3441, -86.9313 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Munising, MI (16 mi); Marquette, MI (26 mi); Negaunee, MI (33 mi); Gladstone, MI (34 mi); Ishpeming, MI (36 mi) (US Census Bureau populations).
- Nearest smaller towns: Garden, MI (44 mi); Carney, MI (60 mi); Daggett, MI (69 mi) — US Census Bureau populations.
What a personal loan costs in Chatham
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Michigan lending rules that apply in Chatham
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Chatham
The order below is a sensible way to approach a loan in Chatham:
- 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.