Jacksonville, Florida is a large, sunny, and bustling city in northern Florida. It’s the largest city by landmass in the contiguous US, and has a large and diverse population as well. Jacksonville also boasts the largest urban park system, and the most shoreline of any other Florida city.
There’s always plenty to do in Jacksonville including the Jacksonville Zoo and Gardens, The Florida Theater, The Riverside Arts Market, and many other attractions. Visitors and residents alike never run out of fun and exciting ways to enjoy the city.
As of 2019, Jacksonville’s population is listed at just over 900,000 residents, with a median household income of about $54,000. The median property value is approximately $183,000 which is up about 3.8% from the previous year. Unfortunately, there are many people in Jacksonville who aren’t making enough to afford a home, and who struggle to get by on a daily basis.
The poverty rate in Jacksonville is 16.4%, which is significantly higher than the national poverty rate of about 13%. The largest demographic living in poverty in Jacksonville is females ages 25–34. For these women and many others it’s a daily struggle to put food on the table, and provide their families with life’s necessities that many others take for granted.
Living below the poverty line is a struggle, and for many people short-term loans are one way to make ends meet. Unfortunately there are many lenders out there offering deceptive and overpriced personal loans to people in need. If you’re looking for a personal loan like a payday loan in Jacksonville, make sure you do your homework so you don’t get taken advantage of.
A personal loan is a loan that’s designed for borrowers to use for personal expenses. Oftentimes they’re used to pay bills if the borrower doesn’t have the funds to afford them. They can also be used for unexpected expenses like car repairs or medical bills.
There are many different types of personal loans out there, each with different terms, conditions, amounts, and repayment periods. It’s important to research all the types of personal loans in Jacksonville so you know which one is best suited for your situation.
Here are some of the most common types of personal loans, and how they work:
Payday Loans in Jacksonville—Payday loans are a short-term, high-cost loan that borrowers take out and repay on their next payday. They generally last about two weeks, and they have higher interest rates than other loans because the borrowers tend to have lower credit scores. Many payday lenders now operate entirely online, but you can still go to a storefront payday lender in Jacksonville if need be.
Title Loans in Jacksonville—Title loans are considered a secured loan because in order to get one you must offer up collateral. In this case, the collateral will be your vehicle. If approved for a loan, you’ll be offered a percentage of the value of your vehicle. These loans can last from a few weeks to a few months. If you repay the loan on time you get to keep your vehicle, but if you can’t repay the loan, the lender is legally allowed to seize the vehicle to recoup their losses.
Personal Installment Loans in Jacksonville—A personal installment loan is another personal loan option for people with less-than-perfect credit. If you’re approved for one, you can get between several hundred dollars and several thousand, with a repayment term up to a couple of years. Because the payments are spread out over a longer amount of time, the monthly payments are often more manageable. These loans tend to be a great alternative to predatory payday and title loans.
While some personal loans are safer than others, the benefits of different types will need to be weighed by each individual borrower. Below are some of the benefits and disadvantages of the loan types discussed above:
Personal Installment Loans
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With CreditNinja you never have to worry about hidden fees or confusing terms. Plus, we make the application, funding, and repayment process as simple as possible. You can apply online today at CreditNinja.com and get a decision right away. If approved, you’ll receive the funds as quickly as the next business day.
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