Grosse Pointe at a glance
- Population: a Census-estimated 5,449, placing it 144th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 5,670 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 3.9% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Michigan places: 144th by size among 533 communities (US Census Bureau).
- Size percentile: larger than about 73% of the Census places in Michigan (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.3839, -82.9039.
- Nearest larger cities (120-mile radius): Grosse Pointe Farms, MI (1 mi); Grosse Pointe Park, MI (1 mi); Grosse Pointe Woods, MI (4 mi); Harper Woods, MI (4 mi); Eastpointe, MI (6 mi) (US Census Bureau).
- Nearest smaller towns: Village of Grosse Pointe Shores, MI (5 mi); Pleasant Ridge, MI (14 mi); Utica, MI (18 mi) (US Census Bureau).
What a personal loan costs in Grosse Pointe
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Michigan lending rules that apply in Grosse Pointe
The table lists the Michigan rules that apply to a loan made in Grosse Pointe, each with the regulator that published it.
| 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 Grosse Pointe
Before you commit to a personal loan in Grosse Pointe, 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.