Merrill at a glance
- Population: about 671, 402nd by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 686 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a loss of about 2.2% since the 2020 count (US Census Bureau).
- Rank among Michigan places: the 402nd-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 25% of Michigan places in population terms (US Census Bureau).
- Coordinates: latitude 43.4091, longitude -84.3345 (US Census Bureau Gazetteer).
- Nearest larger cities: Breckenridge, MI (7 mi); St. Charles, MI (12 mi); St. Louis, MI (14 mi); Ithaca, MI (15 mi); Midland, MI (16 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Ashley, MI (17 mi); Oakley, MI (20 mi); Perrinton, MI (23 mi) — US Census Bureau populations.
What a personal loan costs in Merrill
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Michigan lending rules that apply in Merrill
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Merrill.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Merrill
These steps are the ones that most affect the offer you receive in Merrill:
- 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.