Michiana Shores at a glance
- Population: roughly 301 people; 463rd of 565 places in Indiana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 306 residents here (US Census Bureau).
- 2020 to 2023 change: population fell about 1.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Indiana places: 463rd in population of 565 places (US Census Bureau).
- Size percentile: larger than about 18% of the Census places in Indiana (US Census Bureau).
- Coordinates: 41.7564 latitude, -86.8182 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Long Beach, IN (2 mi); Michigan City, IN (4 mi); Trail Creek, IN (5 mi); New Buffalo, MI (5 mi); Town of Pines, IN (8 mi) (US Census Bureau populations).
- Nearest smaller towns: Michiana, MI (1 mi); Grand Beach, MI (2 mi); Pottawattamie Park, IN (3 mi) (US Census Bureau).
What a personal loan costs in Michiana Shores
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.
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.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Indiana lending rules that apply in Michiana Shores
The table carries the Indiana rate and licensing rules that apply to consumer loans made in Michiana Shores.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: Indiana Code IC 24-4.5-3-508 sets tiered maximum loan finance charges for supervised loans; the official code site renders client-side and the figure could not be confirmed from a fetched page, so no figure is asserted. | Indiana General Assembly (Indiana Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (small loans); finance charges capped at 15% of the first $250 (tiered above) Source says: "Finance charges on the first $250 of a small loan are limited to 15% of the principal". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Small Loan License required (IUCCC; separate Consumer Loan License for IC 24-4.5-3 loans) Source says: "unless a person is a supervised financial organization or has first obtained a small loan license from the Department of Financial Institutions (DFI)". | Indiana Department of Financial Institutions as of 2026-09-16 |
| State lending regulator | Indiana Department of Financial Institutions (DFI), Consumer Credit Division Source says: "The industries regulated by the Consumer Credit Division are: non-depository small loan ("payday") lenders; traditional installment lenders". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan size limit | $825 maximum aggregate small-loan principal per borrower Source says: "Lenders cannot have loans ... outstanding with you at any one time if the aggregate principal amount/amount financed exceeds $825". | Indiana Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Michiana Shores
The steps below are worth completing first when you borrow in Michiana Shores:
- 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 Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.