Shoreham at a glance
- Population: a Census-estimated 861, placing it 376th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 879 (US Census Bureau).
- 2020 to 2023 change: down roughly 2.0% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 376th in population of 533 places (US Census Bureau).
- Size percentile: larger than about 29% of the Census places in Michigan (US Census Bureau).
- Coordinates: 42.0604 latitude, -86.5114 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: St. Joseph, MI (3 mi); Stevensville, MI (3 mi); Benton Harbor, MI (5 mi); Baroda, MI (7 mi); Bridgman, MI (9 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Eau Claire, MI (12 mi); Galien, MI (18 mi); Grand Beach, MI (24 mi) (Census populations).
What a personal loan costs in Shoreham
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Shoreham
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Shoreham.
| 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 Shoreham
Here is a short checklist for comparing personal loans in Shoreham:
- 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.