Lake Ann at a glance
- Population: about 251 residents, ranking 506th of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 246 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 2.0% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 506th of the state's 533 Census places (US Census Bureau).
- Size percentile: roughly 5% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: latitude 44.7270, longitude -85.8469 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Honor, MI (9 mi); Empire, MI (12 mi); Traverse City, MI (12 mi); Beulah, MI (14 mi); Benzonia, MI (15 mi) (US Census Bureau populations).
- Nearest smaller places: Copemish, MI (17 mi); Harrietta, MI (30 mi); Free Soil, MI (46 mi) (US Census Bureau estimates).
What a personal loan costs in Lake Ann
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Lake Ann
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Lake Ann.
| 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 Lake Ann
Here is a short checklist for comparing personal loans in Lake Ann:
- 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.