Mount Morris at a glance
- Population: about 3,092 residents, ranking 199th of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 3,170 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population fell about 2.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: 199th out of 533 Census places (US Census Bureau).
- Size percentile: roughly 63% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 43.1177, -83.6987.
- Nearest larger cities (within 120 miles): Flint, MI (6 mi); Flushing, MI (8 mi); Burton, MI (9 mi); Davison, MI (11 mi); Swartz Creek, MI (12 mi) (US Census Bureau populations).
- Nearest smaller places: Clio, MI (4 mi); Otisville, MI (9 mi); Birch Run, MI (10 mi) (US Census Bureau estimates).
What a personal loan costs in Mount Morris
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Michigan lending rules that apply in Mount Morris
The table lists the Michigan rules that apply to a loan made in Mount Morris, each with the regulator that published it.
| 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 Mount Morris
A few practical steps will make the process in Mount Morris 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.