Village of Grosse Pointe Shores at a glance
- Population: about 2,542, 219th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 2,645 (US Census Bureau).
- 2020 to 2023 change: a loss of about 3.9% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 219th in population of 533 places (US Census Bureau).
- Size percentile: about 59% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: mapped at 42.4513, -82.8704 by the US Census Bureau Gazetteer.
- Nearest larger cities: Grosse Pointe Woods, MI (2 mi); St. Clair Shores, MI (3 mi); Harper Woods, MI (3 mi); Grosse Pointe Farms, MI (4 mi); Eastpointe, MI (4 mi); US Census Bureau population estimates.
- Nearest smaller places: Bingham Farms, MI (21 mi); Sylvan Lake, MI (26 mi); Armada, MI (27 mi) (US Census Bureau estimates).
What a personal loan costs in Village of Grosse Pointe Shores
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Michigan lending rules that apply in Village of Grosse Pointe Shores
The Michigan rate caps and licensing rules that reach Village of Grosse Pointe Shores are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Village of Grosse Pointe Shores
The steps below are worth completing first when you borrow in Village of Grosse Pointe 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 Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.