Houghton at a glance
- Population: the Census estimates 8,508 residents, ranking 104th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 8,389 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 1.4% higher than at the 2020 Census (US Census Bureau).
- Rank among Michigan places: 104th out of 533 Census places (US Census Bureau).
- Size percentile: larger than about 80% of the Census places in Michigan (US Census Bureau).
- Coordinates: mapped at 47.1118, -88.5672 by the US Census Bureau Gazetteer.
- Nearest larger cities: Marquette, MI (68 mi); Escanaba, MI (118 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Hancock, MI (2 mi); South Range, MI (5 mi); Lake Linden, MI (10 mi) (US Census Bureau).
What a personal loan costs in Houghton
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Houghton
The Michigan rate caps and licensing rules that reach Houghton 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 Houghton
The steps below are worth completing first when you borrow in Houghton:
- 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.