Hopkins at a glance
- Population: roughly 627 people; 409th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 634 (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.1% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 409th-largest of 533 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 23% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.6251, -85.7633.
- Nearest larger cities: Wayland, MI (7 mi); Allegan, MI (8 mi); Otsego, MI (12 mi); Plainwell, MI (14 mi); Middleville, MI (16 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Martin, MI (9 mi); Bloomingdale, MI (19 mi); Breedsville, MI (25 mi) (US Census Bureau).
What a personal loan costs in Hopkins
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Hopkins
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hopkins
Before you share your details with a lender in Hopkins:
- 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.