Lake Odessa at a glance
- Population: the Census estimates 2,065 residents, ranking 244th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 2,048 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.8% growth over the 2020 Census base (US Census Bureau).
- Rank among Michigan places: the 244th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: it exceeds roughly 54% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 42.7829 / -85.1375, per the US Census Bureau Gazetteer.
- Nearest larger cities: Hastings, MI (12 mi); Portland, MI (13 mi); Ionia, MI (14 mi); Lowell, MI (15 mi); Middleville, MI (17 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Woodland, MI (4 mi); Clarksville, MI (7 mi); Sunfield, MI (7 mi) — US Census Bureau populations.
What a personal loan costs in Lake Odessa
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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 Odessa
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Lake Odessa.
| 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 Lake Odessa
A few practical steps will make the process in Lake Odessa less costly:
- 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.