Lexington is known as the “Horse Capital of the World” with its world-famous horse breeding that has been going on for generations. Horses are one central part of the state’s identity. So much so that city has the nation’s first urban growth boundary—which restricts new development to a metropolitan service area. Thanks to these rules, you are likely to see farmland with horse paddocks no matter where you go within Lexington. In addition to the various horse farms, horse museums, and horse racing venues, visitors can check out Fort Boonesborough State Park, Raven Run Nature Sanctuary, several historic sites, fine dining, unique movie theaters, and more!
Lexington’s cost of living is 4% lower than the national average overall. These lower costs include housing, utilities, groceries, and transportation. This low cost of living, coupled with so much to do, shouldn’t be surprising that there has been steady population growth year after year for decades. The average annual income for residents is about $58,356, and most households have two or more people. Households living with one income can expect an average annual income of $39,119. Although the employment rate is high, in 2020, there was a 5.1% unemployment rate.
Regardless of your employment status, an emergency can mean needing some extra cash to tide you over until your next check. If that is the case, a personal loan could be an excellent solution for your personal financial challenges. Below is everything you need to know about these loans for residents of Lexington, Kentucky.
What Are Personal Loans in Lexington, KY?
A personal loan is typically an unsecured loan option that you can inquire about at a bank, credit union, or a private lender. You can expect to repay a personal loan in monthly installments. Interest rates and repayment terms will depend on your lender, credit score, and income.
What Do I Need for a Personal Loan in Lexington, KY?
The requirements for personal loans are relatively simple. You have to provide basic information that helps your lender verify essential details, such as your identity and income. Here are some of the commonly asked documents personal loan lenders will ask for:
- A Valid Government Issued State Identification and Other Identifying Documents — A social security card, driver’s license, passport, military ID, etc.
- Proof of Income — Bank statements, pay stubs, letters of income, etc.
- Proof of Residency — Lease agreements, bank statements, valid mail, etc.
In addition to these documents, most lenders require borrowers to have a bank account or Checking account and be okay with a credit check. The flexible thing about these loans is that, with the right lender, you could get funding even with a bad credit score.
Different Types of Personal Loans Available for Residents of Lexington, KY?
There are various types of personal loans that you can look into; here are some of the fundamental differences that you can choose between when deciding on a personal loan:
- Bad Credit vs. Good Credit Loans — Bad credit personal loans are usually only available from a handful of financial institutions, typically private or online lenders. Loans for people with bad credit will come with higher interest rates when compared to good credit loans.
- Fixed-Rate vs. Variable Rate Loans — Fixed interest rates will stay the same throughout repayment. In contrast, variable interest rates can change depending on factors such as the market. You could score a low-interest rate with variable rates, but there is no guarantee that it will last or that the rate won’t go higher than the average. However, for some people, that risk is worthwhile if it means the possibility of saving on interest.
- Long-term vs. Short-term Loans — Long-term loans are a few months up to a few years, while long-term loans can go up to a few years. Having a short-term loan can mean higher monthly payments but more money going towards your loan balance. In comparison, a long-term loan can mean a lower monthly cost, but more interest paid overtime. Using a loan amortization calculator can help you figure out the best option for your needs once you have some estimates.
- Secured vs. Unsecured Loan — Secured loans use collateral, while unsecured loans do not. In some cases, you may want to or have to add collateral if your credit score is low, or you don’t meet the income requirements.
What To Review Before Taking Out a Personal Loan?
Before taking out a loan, it is crucial to pay attention to a few things about it:
- The Interest Rate —This will be the most expensive part of a loan. So before getting one, it is essential to consider what the interest rate will cost on a specific loan.
- The Repayment Terms — The repayment terms will let a borrower know how long the loan will be, along with the necessary monthly payment. Review this to make sure it is affordable and factor in the loan length with the monthly interest.
- Default Terms — Pay close attention to what specific actions can cause a loan to default so that you can avoid them.
- The Lender — before you choose a lender to work with, make sure you research them. Check out past customer reviews and whether they are legitimate.
Personal Loan Benefits in Lexington, KY
Curious about the benefits of these loans? Below are some of the most common benefits you will see with a personal loan:
Competitive Interest Rates in Lexington, KY
The interest rates for personal loans are lower than most other loan options like credit cards. You’ll find this especially apparent when applying for other bad credit loan options whose interest rates can be extremely high.
Works Well for Debt Consolidation
Suppose you have a ton of credit card debt or loan options that you are trying to pay off—called outstanding debt. In that case, debt consolidation can help make those payments more manageable and more affordable. Personal loans can work well to take care of debt payment obligations because they range in repayment options and interest rates. And they often have lower costs with finance charges such as origination fees. Before seeking out this method of debt repayment, be sure to know all the ins and outs of the debt consolidation process.
Approval With a Bad Credit Score in Lexington, KY
Even if you have a bad credit history or a low credit score, you could borrow money from one of these loans. Although not all applicants will be approved for the same amount of money or interest, do not hesitate to apply with bad credit.
Find Out About Loan Approval Quickly
Once you submit your application and send in the necessary documentation, you will quickly find out about approval! In fact, in most cases, you could find out approval in as little as 24 hours.
Don’t Always Require Collateral in Lexington, KY
Although a lender may ask for collateral in some cases, in most scenarios, you won’t need to have collateral involved with a personal loan in Lexington, KY.
Get the Loan Proceeds Quickly Once You Qualify
Once you receive loan approval, the money can be quickly made available. Once the lender sends out the funds, they will go straight to a bank account via direct deposit.
A Predictable Repayment Schedule
Your repayment schedule with these loans will be steady and predictable throughout the loan period. And so, all you have to worry about is paying back your loan without any surprises. Keep in mind that your monthly payment can change if you get a variable interest rate loan.
A Reasonable Time to Repay Your Loan
Whether you need a few months or longer to repay a loan, you may be able to find a lender that can personalize repayment with. While other loans, especially bad credit loan options like payday loans, have an extremely short and fixed window for repayment.
You Can Use a Personal Loan for Multiple Purposes
The flexible thing about personal loans is that you can use them for all kinds of expenses and emergencies. Whether you need a loan amount of a few hundred dollars or a few thousand, a personal loan can help—more on that below.
What Can I Use a Personal Loan For?
Below are some of the expenses that you can use the money you get from one of these loans in Lexington:
- Home improvements
- Medical bills
- Childcare expenses
- Veterinary care
- Paying off credit cards
- Car repairs
- Wedding costs
- Rent or mortgage payments
- Funeral expenses
- Groceries, transportation, everyday expenses, etc.
- Family planning
Why Choose CreditNinja for a Loan in Kentucky?
There are a ton of reasons why you should start with CreditNinja when you need a loan option in KY; here are a few:
Excellent Customer Service
Our customer service team provides support that is totally focused on you! No matter what questions or concerns you may have, our team is available to help!
Highly Competitive Interest Rates
The interest rates with our loans are highly competitive. These rates could mean a great deal for a loan in Lexington. That way, you can take care of your financial needs without turning your budget upside down.
Use Your Loan Proceeds Right Away
Once you are approved for a loan and are ready to move forward, you can quickly get the money you need. And once those available funds hit your bank account, you can use them right away for just about any expense.
Find Out Whether You Qualify for a Loan Offer Quickly
At CreditNinja, after you submit your application, you’ll find out about approval reasonably quickly. It takes about a day for us to process your application, and we’ll let you know ASAP whether you are approved or not.
Get Personalized Repayment Terms
The flexible thing about our loans is that we don’t offer a strict repayment schedule or loan terms. And so, once you speak to us, we can do our best to offer repayment options that best fit your budget.
An Easy Application Process
Our application is effortless! You have to answer a few questions and hit submit. Additionally, you can apply from anywhere at any time with our online application. Don’t hesitate to apply for our loan even if you have a low credit score or poor credit history.
Never Borrow More Cash Than You Need
Let’s say that you apply and get approved for more of a loan amount than you need. The good news is that you never have to borrow more than the minimum loan amount you are looking for—and our team members will never try and pressure you to do so.
We Offer Tons of Free Online Resources So You Can Successfully Repay Your Loan
If you have never handled debt before or have bad financial habits and want to change them with this new loan, it may seem daunting. CreditNinja offers tons of articles on financial tools like budgeting, loan repayment strategies, credit score repair, and more! Head to our blog page and find the financial resources you are looking for.
We Protect Your Personal Information
Online security is a massive concern for many borrowers when applying online. Our customers can rest assured that our application process is secure. We use encrypted servers and never share your personal information with third-party websites without your permission.
Pay Early Without Any Fees
You can pay off your loan early without any fees or pre-payment penalties! Many lenders out there charge their customers fees and penalties for early payments. Paying off your loan early can mean paying less in interest and getting rid of debt—and we would never want to create more financial stress for our customers.
Get Started With CreditNinja in Lexington, Kentucky Today!
Ready to get started with applying for the money that you need? Here is what the application process will look like:
- Apply for the Money You Need — Head to our website and fill out the application to get the ball rolling.
- Find Out Whether You Qualify — Next, give us some time to process all the information from your submitted application, and we will get back to you to let you know about approval.
- Go Over the Loan Offer and Additional Terms in the Loan Agreement — If you are approved, we will send you a loan offer! You can go over the terms and conditions in the loan agreement, and if everything looks good, move forward with it.
- Sign and Get the Money You Need — The last step is to sign the loan contract and wait for the money to hit your bank account.
And so, as you can see, the inquiry process is straightforward! And we are here to help you if you have any questions along the way!
¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.