Oakland, California was incorporated in 1852. Since then, it has grown to become the eighth-largest city in California. Oakland has a diverse culture within its population of 429,082 people. Apart from its cultural diversity, Oakland stands out for its diverse economic landscape as well.
Oakland Economics: Housing and Income
One sign of the city’s economic excellence is the median value of its owner-occupied homes. The value has been steady at $564,5002 between 2013 and 2017. Home values are more than twice the overall U.S. median value of owner-occupied homes. Across the United States, similar homes are worth around $193,500.
However, Oakland still faces a challenge in homeownership rates. Interestingly, Oakland’s owner-occupied housing rate between 2013 and 2017 was 39.8%.2 Yet, at the same time, the overall U.S. owner-occupied housing rate was 63.8%.
Several other housing-related factors affect the cost of living in Oakland. Specifically, it ranks higher than the overall U.S. median in a few areas.
Overall United States
Monthly owner costs with a mortgage
Monthly owner costs without a mortgage
Having higher-paying jobs to afford these higher rates is a must in Oakland. And the city has a good proportion of highly educated residents. Between 2013 and 2017, 40.6%2 of residents aged 25 and over had a bachelor’s degree or higher in Oakland. That is approximately 10% higher than the overall U.S. population. Higher education rates often mean higher-paying jobs, which is helpful to keep up with the high cost of living in this area.
The city’s median household income further reflects the residents’ high earnings. In Oakland, the median household income between 2013 and 2017 was $63,251.2 Therefore, Oakland residents had about $5,000 more in household income than the overall U.S. median.
Of course, higher incomes do not necessarily mean that all Oakland’s residents are free from financial challenges. In fact, 18.7% of Oakland’s residents live in poverty.2 Although that is a small percentage compared to many struggling nations, it’s still higher than the overall U.S. average of 11.8%. Based on the cost of living, some Oakland residents may need financial assistance once in a while. Personal loans can provide this much-needed help, especially in urgent situations.
What Are Personal Loans?
Personal loans from online lenders generally provide more convenience and ease compared to banks and credit unions. Online lenders often have less stringent lending requirements compared to banks. They may also offer next-business-day loan approval, which is a rare benefit in a traditional bank.
Most personal loans are unsecured, which means that they are not backed by collateral.
Although unsecured loans tend to be more costly than secured loans, they offer two main benefits:
- Since the loan is not backed by any property, you will not automatically lose any asset if you default.
- Typically, you can use the personal loan for any reason.
Of course, the money is not free. Like most loans, personal loans have fees and interest tied to the benefit of borrowing money.
The Cost of a Personal Loan
Out of all the factors that determine your APR, your credit score is often the most important.
If you have a higher credit score, you can often get a lower APR. You can get an APR ranging from 10% to 12% if you have a very good rating (a FICO credit score between 740 and 799) or excellent rating (a FICO credit score of 800+).4
Your employment status and wage history can also influence your APR. Some lenders will require proof of income (whether you are employed full-time, part-time, or self-employed) to determine the loan amount. In other cases, eligibility for a personal loan will depend on a minimum personal or household income. Such requirements are meant to determine your ability to repay a loan.
Lenders will specifically tell you what kind of documentation that they would like to review to determine your income. When lenders require proof of income, they’ll typically ask for one or more of the following documents:
- Tax returns
- Pay stubs
Your debt-to-income ratio (DTI) is also an important consideration for various lenders. The DTI ratio shows the amount of debt you carry relative to your pre tax monthly income. For instance, if you have a $4,000 pre tax monthly income, and $1,200 worth of debt payments per month, you’ll have a 30% DTI ratio ($1,200/$4,000 = 30%).
Lenders are more inclined to offer personal loans to borrowers with lower DTI ratios. Having a lower DTI ratio means you have more disposable income, which makes it easier to repay your loan. In general, lenders prefer applicants with DTI ratios under 45%. More stringent lenders may only consider borrowers with DTI ratios below 35%.
CreditNinja stands out among many lenders by offering more understanding eligibility requirements for applicants.
Why Should You Choose CreditNinja’s Personal Loans?
CreditNinja’s customer care team is ready to assist you before and during the loan application process. We want to help you make an informed decision and find a loan that works for you. CreditNinja will help you find a sensible financial solution to address your unique needs.
Through CreditNinja’s dedicated team, you can get your cash in as short as one business day after approval. Our customer care team is at your disposal, ready to evaluate your loan application as soon as you submit it.
CreditNinja will also keep your personal information safe. We deploy the highest level of security to safeguard all client data, so you can feel safe and secure applying for a loan.
How to Apply for CreditNinja’s Personal Loans in Oakland
Applying for a personal loan from CreditNinja involves a simple three-step process:
- Check your eligibility. Fill out the online form to see your loan options.
- Personalize and sign. View your personalized loan amount as well as the repayment terms before signing.
- Borrow and repay. If approved, you will get your money as soon as the next business day.¹
With a computer or Smartphone, you can go through the entire process without leaving the comfort of your own home. Apply today for a more secure personal loan from CreditNinja.