Iron River at a glance
- Population: 3,032 — 201st in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 3,009 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 0.8% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 201st out of 533 Census places (US Census Bureau).
- Size percentile: larger than about 62% of the Census places in Michigan (US Census Bureau).
- Coordinates: 46.0959, -88.6366 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Kingsford, MI (33 mi); Iron Mountain, MI (33 mi); Rhinelander, WI (50 mi); Ishpeming, MI (53 mi); Negaunee, MI (57 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Caspian, MI (2 mi); Gaastra, MI (3 mi); Alpha, MI (13 mi), each a US Census place.
What a personal loan costs in Iron River
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Iron River
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Iron River
These steps are the ones that most affect the offer you receive in Iron River:
- 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.