Grand Ledge at a glance
- Population: 7,784 — 116th in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 7,794 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 0.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 116th out of 533 Census places (US Census Bureau).
- Size percentile: about 78% of places in Michigan are smaller (US Census Bureau).
- Coordinates: latitude 42.7529, longitude -84.7449 (US Census Bureau Gazetteer).
- Nearest larger cities: Lansing, MI (10 mi); East Lansing, MI (13 mi); Charlotte, MI (14 mi); Mason, MI (19 mi); Ionia, MI (23 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Eagle, MI (5 mi); Mulliken, MI (8 mi); Potterville, MI (9 mi) (US Census Bureau).
What a personal loan costs in Grand Ledge
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Michigan lending rules that apply in Grand Ledge
The Michigan rate caps and licensing rules that reach Grand Ledge are listed below, each with its source and retrieval date.
| 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 Grand Ledge
Here is a short checklist for comparing personal loans in Grand Ledge:
- 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.