Sterling at a glance
- Population: 459 people, the 449th-largest place among Michigan's 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 456 (US Census Bureau).
- 2020 to 2023 change: about 0.7% growth over the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 449th by size among 533 communities (US Census Bureau).
- Size percentile: ahead of around 16% of Michigan places in population terms (US Census Bureau).
- Coordinates: 44.0328 / -84.0186, per the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Standish, MI (5 mi); Pinconning, MI (12 mi); Au Gres, MI (16 mi); West Branch, MI (20 mi); Gladwin, MI (24 mi) (US Census Bureau).
- Nearest smaller towns: Omer, MI (8 mi); Twining, MI (12 mi); Prescott, MI (12 mi) — US Census Bureau populations.
What a personal loan costs in Sterling
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Sterling
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Sterling
Before you share your details with a lender in Sterling:
- 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.