Empire at a glance
- Population: 358 residents, the 472nd-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 348 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up about 2.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 472nd by size among 533 communities (US Census Bureau).
- Size percentile: roughly 11% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: 44.8126 / -86.0593, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Benzonia, MI (14 mi); Frankfort, MI (15 mi); Thompsonville, MI (21 mi); Traverse City, MI (23 mi); Suttons Bay, MI (23 mi) (US Census Bureau).
- Smaller towns nearby: Honor, MI (10 mi); Lake Ann, MI (12 mi); Beulah, MI (13 mi) (US Census Bureau).
What a personal loan costs in Empire
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.
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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Michigan lending rules that apply in Empire
The table lists the Michigan rules that apply to a loan made in Empire, each with the regulator that published it.
| 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 Empire
The steps below are worth completing first when you borrow in Empire:
- 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.