Free Soil at a glance
- Population: roughly 150 people; 527th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 150 residents here (US Census Bureau).
- 2020 to 2023 change: stable between the 2020 base and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 527th by size among 533 communities (US Census Bureau).
- Size percentile: about 1% of places in Michigan are smaller (US Census Bureau).
- Coordinates: 44.1071 latitude, -86.2110 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Fountain, MI (4 mi); Eastlake, MI (10 mi); Custer, MI (11 mi); Manistee, MI (11 mi); Scottville, MI (11 mi) (Census populations, approximate straight-line distance).
- Nearest smaller places: Eagle, MI (114 mi); Twining, MI (119 mi) (US Census Bureau estimates).
What a personal loan costs in Free Soil
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Free Soil
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| 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 Free Soil
Before you commit to a personal loan in Free Soil, work through these steps:
- 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.