Stephenson at a glance
- Population: 799, the 386th-largest community in Michigan out of 533 (US Census Bureau, Vintage 2023).
- 2020 Census base: 821 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 2.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: the 386th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 28% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: latitude 45.4137, longitude -87.6091 (US Census Bureau Gazetteer).
- Nearest larger cities: Menominee, MI (20 mi); Marinette, WI (23 mi); Crivitz, WI (23 mi); Peshtigo, WI (26 mi); Sister Bay, WI (28 mi); US Census Bureau population estimates.
- Nearest smaller places: Daggett, MI (3 mi); Carney, MI (13 mi); Wausaukee, WI (17 mi) (US Census Bureau estimates).
What a personal loan costs in Stephenson
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Stephenson
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Stephenson
The order below is a sensible way to approach a loan in Stephenson:
- 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.