Birmingham is the largest city in the state of Alabama, with a population of nearly 210,000. The city is part of the Birmingham-Hoover metropolitan area, the most important metropolitan area in the state, and it has been a major steel production location ever since its founding.
Birmingham is known for being an important industrial center, and it’s also where many large corporations have established their headquarters, including BBVA Compass, Regions Financial Corporation, Liberty National, and Blue Cross Blue Shield of Alabama. Some of the major employers in the area include the University of Alabama, Wachovia, Bruno’s Supermarkets, the Alabama Power Company, and AmSouth Corporation.
The University of Alabama’s Schools of Medicine and Dentistry and other important healthcare-related higher education institutions are located in Birmingham, enrolling thousands of students each year, making the city a top location for those seeking to obtain a degree in healthcare.
Birmingham is also the home of over 90,000 households, with the median household income being approximately $33,000. Most of the city’s 94,000 workers are employed by the healthcare, retail, and accommodation services industry, and one of the most common job occupations is registered nurse.
For those who live in Birmingham, a personal loan could potentially be a convenient way to fulfill a short-term cash need. Applying and getting approved for one is often easier than other funding alternatives, and here, you’ll learn important details about how personal loans work and how you can apply for one in only minutes.
What Are Personal Loans?
Personal loans are loans used for personal purposes, and they’re usually meant to help borrowers satisfy financial needs through short-term funding. Not only are they easily accessible, but they also often require less paperwork than traditional loans, and the approval process is typically faster.
The different types of personal loans are commonly classified by their potential purpose. Although, in some cases, the actual purpose of the loan doesn’t have to be disclosed. Each type of personal loan is usually designed to fit a particular financial need or situation, and some of the most common are:
- Payday Loans: Payday loans were designed for individuals who have a steady job and receive a paycheck, to assist them in any financial needs they may have if they suddenly run out of cash or if their expenses temporarily exceed their income.
- Debt Consolidation Loans: These loans can be useful in consolidating debt into one single loan, commonly at a lower APR than the original loans, allowing borrowers to pay their debt with less interest overall.
- Unsecured & Secured Loans: A loan is considered unsecured when there’s no collateral associated with it. These loans provide borrowers with an opportunity to obtain funding without having to back the loan with any of their assets. On the other hand, a secured loan requires the loan to be backed by an asset. For this reason, they are usually cheaper than unsecured ones.
Personal loans can be used for many different purposes, and some lenders may not even require you to disclose what the purpose is, which is a beneficial feature of personal loans. These loans can be used to pay off pending bills, to cover a car repair, to pay for a medical bill or an emergency visit to the ER, or they could just help the borrower pay for living expenses until their next paycheck arrives.
The terms of each personal loan varies between lenders, but they are commonly extended for short periods of time, and the criteria to be considered eligible for one is frequently less strict than the other types of loans.
Personal Loan Benefits
Personal loans feature various benefits, including:
- Flexible repayment: Even though personal loans usually have short terms, lenders are often willing to provide extended credit terms to fit the situation of many borrowers. These extended terms reduce the cost of installments by spreading them out, which can also be beneficial to the borrower if they are looking to reduce the amount paid per week.
- Lower interest rates: The cost of borrowing a personal loan can be evaluated by its annual percentage rate (APR). This calculation takes into account both the interest rate and any additional fees associated with the loan, including origination fees or service fees.
- Clear terms: Personal loans are regulated by federal and state laws, and lenders are required to disclose all the terms and conditions of the loans clearly so that borrowers can easily understand how much they’ll be paying for taking out the loan, and for how long. In this sense, personal loan contracts usually provide a predictable repayment schedule.
- Versatility: Since some lenders don’t require borrowers to disclose the purpose of personal loans, they are a good choice for those looking to finance certain expenses that are not covered by traditional financial options, such as credit cards or credit lines.
What our borrowers are saying
References
- https://www.census.gov/quickfacts/fact/table/birminghamcityalabama/IPE120218
- https://fred.stlouisfed.org/series/NGMP13820
- https://datausa.io/profile/geo/birmingham-al/
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