Martin at a glance
- Population: about 401 residents, ranking 462nd of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 406 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.2% below the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 462nd out of 533 Census places (US Census Bureau).
- Size percentile: ahead of around 13% of Michigan places in population terms (US Census Bureau).
- Coordinates: it sits at 42.5370, -85.6390 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Otsego, MI (6 mi); Plainwell, MI (6 mi); Hopkins, MI (9 mi); Wayland, MI (9 mi); Allegan, MI (10 mi) (US Census Bureau).
- Smaller places nearby: Breedsville, MI (25 mi); Clarksville, MI (29 mi); Burlington, MI (41 mi), per US Census Bureau estimates.
What a personal loan costs in Martin
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Michigan lending rules that apply in Martin
Read the table as the compliance picture for a lender serving Martin: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Martin
These steps are the ones that most affect the offer you receive in Martin:
- 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.