Dothan is the county seat of Houston County, located in the southeast part of Alabama. The county seat is a hub for retail and medical services, which pull in thousands of people within a 100-mile radius daily, including parts of Georgia and Florida.
Several major corporations have set up shop in Dothan, including: Commercial Jet Services LLC, Twitchell Technical Products LLC, Michelin North America Inc., International Paper, Cummings Resources LLC, Globe Motor Division, Wayne Farms LLC, Qualico Steel Co. Inc., Swedish Match Cigars Inc., and E&H Steel Corp.
Dothan’s population has grown by 3.8% from 65,774 in 2010 to 68,247 in 2019. Households in the city make an income of roughly $45,681, and the poverty rate is 19.1%. About 12% of residents under 65 years of age live with a disability in Dothan. In addition, 88% of residents under 65 years old have health insurance.
Approximately 59% of Dothan residents own a home, and each home has an average value of $146,800. Homeowners typically spend $1,131 every month (including mortgage) or $346 (without mortgage) for housing expenses. If you are renting, you can expect to pay about $735 for a home in Dothan.
In the course of paying rent, covering medical bills, buying household items, and managing other expenses, Dothan residents may need financial assistance from time to time. Personal loans with friendly terms may provide such help, especially when needed urgently.
A personal loan is a lump-sum amount of cash that you borrow from a bank, credit union, online lender or other financial institution. You pay the loan back in fixed monthly payments or installments.
The loan can be:
Lenders determine loan approval and loan terms based on factors such as your debt-to-income ratio, credit score, and information found in your credit report. If you have an excellent credit score, you’re more likely to receive the lowest interest rates, but you can still get loan offers with a score of 600 or lower.
In case you don’t qualify for an unsecured loan, you may still have a chance of getting a secured or cosigner loan. A cosigner loan allows you to benefit from a credit score boost from the cosigner’s often-higher credit score. The cosigner vouches for you and offers to take on the debt if you are unable to continue to make payments.
When deciding whether to approve loan applications, lenders may also consider alternative data (anything that isn’t in your credit report). This includes bank account information, work history, and even your college major. Such data helps lenders better evaluate applicants by providing insights beyond what can be found in a credit report.
In compliance with the Truth in Lending Act, lenders are required to tell you about your loan’s annual percentage rate (APR) and other relevant details. The APR shows the true cost of the loan per year, including fees and interest rate.
Taking out a personal loan will involve a contract with an agreement that provides all critical terms of the loan, including:
To better appreciate the impact of personal loans, here are some useful insights on the reach of such loans in the United States.
Personal loans offer multiple benefits that may help borrowers overcome financial difficulties. Such benefits include the following examples.
Online lenders have contributed to giving borrowers easy and convenient access to personal loans. In the past, you had to physically visit a bank and speak to bank representatives. Today, there are online platforms that help you complete the whole loan application process in minutes using a computer or smartphone.
Borrowers have benefited from the emergence of FinTech companies, non-traditional lenders that use a technological, data-driven financial services approach to deliver customized loans. Fintechs have contributed to the rise in popularity of personal loans and are fast becoming consumers’ preferred option. By Q4 2018, FinTech loans made up 38% of outstanding personal loan balances, compared to 5% just five years earlier.
You don’t need to put up collateral for an unsecured personal loan. This also means you’re not at risk of losing your property if you default on your loan. Keep in mind, however, that you can experience other consequences like credit penalties and lawsuits if you fail to pay your unsecured loan.
Personal loans typically offer fixed interest rates and clear repayment terms. When a lender approves your loan application, you’ll receive precise details about how much you’ll repay each month, the number of monthly repayments, and the total cost over the life of your loan. This will help you plan for all future payments.
You can receive personal loan terms lasting several years, which typically means lower monthly payments compared to shorter loan terms. This helps reduce the strain on your monthly budget, so you can more comfortably repay your loan.
Some lenders allow early payment of personal loans without prepayment fees. With this option, you can clear your loan at a lower cost compared to making payments over the life of the loan.
Your “credit mix” (different types of credit like installment loans, credit cards, or financial accounts) makes up 10% of your credit score. Therefore, having a personal loan in addition to other forms of credit can potentially boost your credit score by adding to your credit mix.
A track record of prompt payment of your loan can improve your credit history, which can potentially boost your credit score.
One aspect of your credit score is the length of your credit history (average age of your credit accounts). It applies to currently active loans or lines of credit, starting from the date you open an account. Since a longer credit history is a positive indicator, dedicated payment of a long-term personal loan can positively impact your credit score over time.
CreditNinja offers convenient access to personal loans through our online platform. The application process is quite simple, requiring basic details of personal information, including:
Our basic eligibility requirements make the loans made or arranged by Credit Ninja accessible to many potential borrowers. Such requirements include:
Through CreditNinja’s dedication to fast service, you may get confirmation of your loan application approval within one business day.¹