Daggett at a glance
- Population: about 203, 518th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 207 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: down roughly 1.9% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 518th largest of 533 (US Census Bureau).
- Size percentile: it exceeds roughly 3% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 45.4620, -87.6047 (Census Gazetteer, US Census Bureau).
- Nearest larger cities within 120 miles: Stephenson, MI (3 mi); Powers, MI (16 mi); Wausaukee, WI (18 mi); Menominee, MI (24 mi); Crivitz, WI (25 mi) (US Census Bureau).
- Smaller places close by: Carney, MI (9 mi); Alpha, MI (55 mi); Garden, MI (55 mi) (US Census Bureau).
What a personal loan costs in Daggett
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Michigan lending rules that apply in Daggett
The Michigan rate caps and licensing rules that reach Daggett are listed below, each with its source and retrieval 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 Daggett
These steps are the ones that most affect the offer you receive in Daggett:
- 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.