Gaines at a glance
- Population: a Census-estimated 374, placing it 468th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 377 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 0.8% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 468th by size among 533 communities (US Census Bureau).
- Size percentile: roughly 12% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: 42.8725, -83.9108 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Byron, MI (4 mi); Durand, MI (5 mi); Linden, MI (8 mi); Vernon, MI (8 mi); Lennon, MI (8 mi) (US Census Bureau).
- Smaller towns nearby: Oakley, MI (23 mi); Lake Angelus, MI (32 mi); Otter Lake, MI (33 mi) (US Census Bureau).
What a personal loan costs in Gaines
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Gaines
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Gaines
Here is a short checklist for comparing personal loans in Gaines:
- 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.