Mobile, Alabama’s economy is growing significantly. Job growth in the metro area is not only on par with Alabama as a whole, but has outpaced U.S. job growth over the last three and six month periods.
Since the year 2010, the city’s population has decreased by 2.6% from 194,664 to 189,572 in 2018. About 53.9% of the population owns a home worth about $121,700, on average. Renting a home in Mobile costs about $836, which is slightly lower than the larger Mobile County area with a cost of about $846.
The trade, transportation, and utilities sectors offer the greatest non-farm employment in Alabama, followed by education and health services, as well as the government. The information and financial sectors offer the least number of jobs in this area.
As a Mobile, AL resident seeking to pay for your daily expenses or pursue your financial goals, you may need financial assistance once in a while. Personal loans in Mobile, AL offer help when you need money now.
What Are Personal Loans?
Financial institutions like banks or online lenders offer personal loans to individual borrowers. A personal loan is money that you borrow and typically receive as a lump sum. Then, you usually repay it in installments, with interest.
Personal loans may be secured (requiring collateral) or unsecured (no collateral required) with repayment terms anywhere from a couple weeks up to a few years. Longer loan terms tend to have lower monthly payments compared to shorter loan terms. However, the total money you pay in interest for a longer loan term will likely be more than that of a shorter loan term, simply because the interest accrues over a longer period of time.
The annual percentage rate (APR) reflects the overall cost of a loan, including fees and interest. Therefore, you can more easily assess the true cost of your credit using the APR rather than just the interest rate alone.
Lenders determine your maximum loan amount (the most that lenders will provide if your application is approved) based on multiple factors. Loan underwriters consider such things like your debt-to-income ratio, credit profile, and credit score. This information helps determine how much you can repay.
You can use a personal loan for different types of expenses, including:
- Consolidating debt: A personal loan can help pay off multiple higher-interest credit cards with a single personal loan.
- Moving expenses: A loan may offer relatively quick financial assistance for an urgent move.
- Emergency expenses: You may need extra money for an unexpected medical bill.
- Making a large purchase: A loan may give you extra money to purchase items that you need, when you don’t have enough cash on hand.
Personal Loan Benefits
Personal loans may offer multiple advantages, since they are specifically designed to offer financial assistance to individuals.
Here are some of the benefits:
- Flexibility in repayment timelines: When applying for a personal loan, you may have the option to choose your specific loan term. This can help you select a loan term that you can comfortably manage. If you don’t have substantial disposable income, you can opt for a longer loan term, which gives you lower monthly payments.
- You can get a loan even with poor or bad credit: Personal loan amounts are mostly based on your credit score, but you may still get a loan with a score of 650 or lower. In those situations, you can prove your credit worthiness by providing documentation like tax returns, details of your job history, and bank statements.
- Longer-term personal loans may help you organize your finances: Long-term loans tend to have lower monthly payments, which can reduce the financial burden on your monthly budget. This way, you can gradually pay off your debt without excessive financial strain.
Why Should You Choose CreditNinja?
CreditNinja makes and arranges personal loans suited to your individual needs and financial capacity through a simple and straightforward application process. You’ll only need to provide a few pieces of personal information during the application process, such as Social Security number and employment information, and income and checking account details.
You may receive confirmation of approved funding of your loan within one business day, and it can take less than 24 hours to get funds. Such fast service can help you take care of urgent financial needs.¹
Perhaps the most significant advantage, however, is that our customer care team is available to assist you during the whole process. If you have any questions, call us at 855-NINJA-01 or email firstname.lastname@example.org.