Iron Mountain at a glance
- Population: 7,519 people, the 120th-largest place among Michigan's 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 7,519 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about the same as at the 2020 Census (US Census Bureau).
- Rank among Michigan places: the 120th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: it exceeds roughly 77% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 45.8269, -88.0594 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Escanaba, MI (47 mi); Menominee, MI (53 mi); Marinette, WI (55 mi); Marquette, MI (59 mi); Rhinelander, WI (67 mi); each population is a US Census Bureau estimate.
- Nearest smaller places: Kingsford, MI (2 mi); Niagara, WI (4 mi); Norway, MI (7 mi) (US Census Bureau estimates).
What a personal loan costs in Iron Mountain
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Michigan lending rules that apply in Iron Mountain
The table lists the Michigan rules that apply to a loan made in Iron Mountain, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Iron Mountain
Here is a short checklist for comparing personal loans in Iron Mountain:
- 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.