Fairgrove at a glance
- Population: the Census estimates 526 residents, ranking 430th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 534 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 430th by size among 533 communities (US Census Bureau).
- Size percentile: roughly 19% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: 43.5245 latitude, -83.5434 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Caro, MI (8 mi); Reese, MI (9 mi); Vassar, MI (11 mi); Sebewaing, MI (15 mi); Essexville, MI (16 mi) (US Census Bureau populations).
- Smaller places nearby: Akron, MI (3 mi); Unionville, MI (10 mi); Gagetown, MI (18 mi), per US Census Bureau estimates.
What a personal loan costs in Fairgrove
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Fairgrove
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Fairgrove
A few practical steps will make the process in Fairgrove less costly:
- 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.