Ishpeming at a glance
- Population: 6,183 (US Census Bureau, Vintage 2023 subcounty estimate), the 131st-largest of 533 places in Michigan.
- 2020 Census base: the 2020 count put the population at 6,147 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.6% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 131st by size among 533 communities (US Census Bureau).
- Size percentile: roughly 75% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: latitude 46.4703, longitude -87.6751 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Marquette, MI (14 mi); Iron Mountain, MI (48 mi); Escanaba, MI (57 mi); Houghton, MI (61 mi); Menominee, MI (93 mi) (US Census Bureau).
- Nearest smaller communities: Negaunee, MI (4 mi); Chatham, MI (36 mi); Crystal Falls, MI (41 mi) (Census populations).
What a personal loan costs in Ishpeming
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Michigan lending rules that apply in Ishpeming
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 Ishpeming
Before you share your details with a lender in Ishpeming:
- 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.