Decatur is a small city located in the state of Alabama with a population of approximately 55,000 residents, and it’s part of the Huntsville Metropolitan Area. Although Decatur is smaller than some of its peers, the city is still an important economic center for Alabama, as it’s the home of some major manufacturing and corporate operations.
Some of the city’s largest employers include United Launch Alliance, Wayne Farms, Daikin America, 3M, and Toray. In 2018, the city’s Gross Domestic Product was $6.2 billion, and its workforce consists of nearly 23,000 people.
Decatur is the home of nearly 20,000 households, and its median income is approximately $43,000. Additionally, the median property value in 2017 was around $130,000, which makes Decatur a potentially promising location for anyone looking to move away from the busy pace of Alabama’s top cities.
If you’re a resident of Decatur, you could possibly benefit from the convenience of a personal loan to fulfill a wide variety of financial needs, especially if you find yourself running low on funds while you wait for your next paycheck.
Getting approved for a personal loan is usually easier and faster than traditional loans, so if you’re interested in obtaining one, read on to learn some relevant information about how they work and how you can apply.
What Are Personal Loans?
Personal loans are a short-term type of credit, and they’re usually used by borrowers to fulfill unexpected financial needs. The demand for personal loans has been increasing in the United States. By the end of 2018, loan originations had increased by almost 10%, year-over-year.
There are different types of personal loans depending on the borrower’s specific financial needs, and the vast majority of them are either secured or unsecured. Secured loans must be backed by collateral, but unsecured loans do not. Lenders will typically only offer unsecured loans to potential borrowers who have a strong credit history.
Some common types of personal loans are:
While some of them appear to have a specific purpose, most lenders will offer unsecured personal loans without requiring information for how the funds will be used. This convenient feature makes personal loans attractive for those seeking to fulfill various financial needs, including paying for pending bills, covering car expenses, or shopping for groceries.
Personal Loan Benefits
Some of the benefits of taking out a personal loan include:
Fast Approval Process: Most traditional lenders take at least two weeks to approve a credit card or a credit line application, and this could be inconvenient for someone who is looking to fulfill an urgent financial need. Instead, the application for a personal loan can typically be approved within a couple of business days .
Credit Requirements Are Less Strict: The minimum credit score required by traditional lenders is usually 600, which filters out a significant portion of the population that may be struggling with their credit situation. Bad credit loans are a type of personal loan specifically intended for individuals with low credit scores to help them in fulfilling their financial needs.
Flexible Repayment Periods: Even though some personal loans are extended for short periods, such as two or three weeks, some lenders also offer an extended period of two or three months.
Why Should You Choose CreditNinja?
CreditNinja provides personal loans for individuals in Decatur who are looking to fulfill their financial needs. Here are some of the main benefits of applying for a personal loan with us:
- The application process at CreditNinja only takes a few minutes and is 100% online.
- We will inform you of our decision regarding your application within 24 hours.¹
- If you are approved for a personal loan, the funds will be deposited within one business day.¹
- We are licensed to offer loans in Decatur, as well as the entire state of Alabama.