Freeport at a glance
- Population: about 550 residents, ranking 421st of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 539 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 2.0% more residents than the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 421st out of 533 Census places (US Census Bureau).
- Size percentile: about 21% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: 42.7636 / -85.3158, per the US Census Bureau Gazetteer.
- Nearest larger cities: Hastings, MI (8 mi); Middleville, MI (8 mi); Lake Odessa, MI (9 mi); Caledonia, MI (10 mi); Lowell, MI (12 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Clarksville, MI (7 mi); Woodland, MI (10 mi); Sunfield, MI (16 mi), per US Census Bureau estimates.
What a personal loan costs in Freeport
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Freeport
Read the table as the compliance picture for a lender serving Freeport: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Freeport
A few practical steps will make the process in Freeport 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.