Shreveport is one the most populated cities in the state of Louisiana, extending along the Red River. The city is a cultural center where Louisiana, Texas, and Arkansas residents can all visit and enjoy. Tourists can check out the different museums, art galleries, riverboat casinos, restaurants, and more when visiting the state.
About 187,593 people live in Shreveport, and most are between the ages of 18 and 65. This age range may mean that most residents may be going through significant life changes that most people experience into adulthood. Expected changes and life events include starting or finishing a college education, getting married, buying a home, traveling, or growing a family. Suppose you find yourself evolving in any of these ways. In that case, you may be facing personal financial challenges and need some extra help along the way to your goals. The good news is that a loan option can help.
Need a loan in Shreveport, Louisiana, but unsure of your options? There are a ton of loan companies in Shreveport, LA, and choosing the right one can be a little confusing. However, it will be easier to find the right best loan companies in Shreveport for you if you narrow your loan choices. Keep reading for more information on loan options available for residents of Shreveport, LA.
What Are Personal Loans, and How Do They Work With Loan Companies in Shreveport, LA?
Personal loans in Shreveport are unsecured loans that you can get from a bank (your local branch or online), credit union, or online lender. These loans are usually repaid in monthly installments, making them an excellent way to borrow money with steady repayment. You will also hear them referred to as installment loans sometimes. Your credit score and income will determine the terms of your loan.
To apply for a personal loan, you will need to have some documents:
- Information to verify your identity — a state-issued Gov. ID (a driver’s license or passport) and a social security card.
- Proof of income — pay stubs, bank statements, etc.
- Proof of Residency — mail, utility bills, lease agreements, mortgage statements, etc.
- References — lenders may ask you to provide references.
Personal loans can be used for all kinds of expenses; here are a few examples:
Medical Bills and Expenses
Medical bills can be expensive and can happen to anyone without notice. Many Americans pay their medical bills from their savings, if possible, which can be effective but can leave them without any cushioning for an additional emergency. Whether it is a one-time visit, a more extended stay, or treatments for a chronic condition, the money from a personal loan can be used to take care of those bills.
Not everyone plans a large wedding; however, all the different costs can add up quickly, even for a small event. Using the money from these loans can ensure that you have the funds to cover all your wedding costs.
Home Repair and Home Improvement
Owning a home can be a great experience, but that doesn’t mean there may not be bumps along the way. Home repairs will definitely be a part of the homeowner experience. While you may be able to plan for some, others may be unexpected. You can use a personal loan to cover any unexpected home repair costs.
Money for Moving Expenses
Hiring movers, transportation, moving materials, etc., are a few things you will need to pay for when moving. You can use the cash from a personal loan to pay for all of these costs.
Cash for Veterinary Bills
If you don’t have the money, you need right away to pay pet bills, getting a personal loan could be a fast and cost-effective way to pay off these bills.
Groceries and Everyday Expenses
The cash from these loans can be used for all kinds of everyday expenses while you get your finances back on track—groceries, parking, transportation, etc.
Cash for Rent and Mortgage Payments
The most expensive payments for most people each month are their rent or mortgage payments. A personal loan can cover those costs for one month or a few.
Down Payments for a Large Purchase
Buying a car, home, furniture, or making a large purchase? The cash from one of these loans can help cover these items’ entire or partial cost.
Need to travel via a flight or drive due to an emergency? A personal loan can help you get that flight ticket or pay for a rental vehicle and gas.
These are just a few examples of what you can use these loans for in Shreveport, LA. And so, as you can see, these loans are incredibly versatile in their uses.
Different Types of Personal Loans in Shreveport, LA
There are a few different types of personal loans:
- Secured and unsecured loan options — secured loans involve an asset for collateral while unsecured loans do not. Some people may consider a secured loan because it can improve their chances of approval and increase the loan amount.
- Fixed and variable interest rates — fixed interest rates stay the same throughout the loan. In contrast, variable interest rates can change throughout repayment. A person may want a variable interest rate because they may be able to save depending on market trends. However, variable interest rates also come with the risk of higher interest rates and can be unpredictable. Before choosing between fixed and variable interest rates, make sure you know how to calculate the interest rate on a loan, and the range of interest that can be charged (if it is changing).
- Long-term or short-term loans — long term loans can range from a year or longer, while short-term loans can range from a few weeks up to a few months. Having a longer loan can mean lower monthly payments but paying more interest over the life of the loan. While a short-term loan can mean a higher monthly payment, but less interest paid throughout.
Benefits of a Personal Loan in Shreveport
There are several benefits of a personal loan in Shreveport, LA, you can look forward to, especially when compared to other loan types:
Personal Loans vs. Credit Cards
Generally, personal loans have better interest rates than credit cards, especially if you have good to excellent credit. You don’t have to worry about surprise monthly payments, credit limits, or Overdraft fees with an installment loan. These are just a few of the factors to consider when deciding if a credit card or personal loan is the better choice.
Payday Loans vs. Personal Loans
Payday loans are short-term loan options that need to be repaid in about two weeks. You can find online payday loans through lenders that operate solely online or a mix between an in-person location and an online presence. Payday loans are costly, for the few hundred dollars they make available, and can lead to a cycle of debt. Personal loan lenders are a better place to start when borrowing a loan with bad credit! The interest rates are often better, fewer fees are involved, and repayment is more reliable.
The same advantages of personal loans exist when compared to other subprime loans like title loans, which can come with extremely high interest.
Here are some of the general advantages of personal loans:
Versatility Throughout With Loan Companies in Shreveport
These loans are highly versatile in their repayment terms, loan length, and their uses. And so, when looking for a flexible loan option, personal loans are the best place to start.
A Great Option for Debt Consolidation
Debt consolidation is the process of paying off multiple loans with one single loan. Debt consolidation aims to use a low-interest loan and make debt repayment more manageable. You could get highly competitive interest rates with a personal loan in Shreveport, LA, if you have good credit.
Borrow Funds Even With a Bad Credit Score With Loan Companies in Shreveport
With suitable lenders in Shreveport, LA, you could get approved for one of these loans, even with a bad credit score or bad credit history. Instead of being totally focused on your credit, subprime lenders of bad credit loan options will instead pay attention to proof of income, your ability to repay the loan, and other factors. And so, don’t hesitate to apply for a personal loan option with a low credit score.
A Fast Application Process for Residents of Shreveport, LA
Don’t have a ton of time to wait for loan approval? With personal loans in Shreveport, LA, you don’t have to! Loan approval can be extremely fast, and you could find out approval much quicker than other loan options. Additionally, in most cases, you can apply online!
No Surprises With Your Payment Each Month
As mentioned above, these loans can be considered installment loans. You can expect steady monthly payments with these loan offers until the loan is paid off in full in Shreveport.
Don’t Always Require Collateral for Cash With Loan Companies in Shreveport
Although you can use collateral for a loan to increase your chances of being approved or getting a higher amount in cash, you don’t have to! Some loan options require an asset built into the process.
A Reasonable Amount of Time To Repay for Customers
The right amount of time to repay a loan can vary from one person to another. The great thing about personal loans is that you can get a personalized repayment plan with these loans. The minimum repayment option can be a few months, while a maximum can be up to a few years.
Why Should You Choose CreditNinja When Looking for Loan Companies in Shreveport, LA
When searching for cash through a personal loan in Shreveport, the best place to start is with CreditNinja! Here are some of the benefits you can get when being a customer with our team:
24/7 Online Application
No matter where you are in Louisiana, you can apply for a personal loan with us online. Our application is available beyond the 9-5 business hours that you’ll find with most financial institutions. And so, no matter where you are or when you need to apply, head to our website!
An Easy Application Process
The application process is straightforward. All you have to do is provide some basic information like your first name, address, etc., answer a few questions, review your answers, and submit your form. There is no tedious paperwork, appointments, or phone calls needed! Once approved, you can double-check the loan agreement and sign into the loan to get the funds!
No Additional Fees for Customers
When working with other lenders, you will find that there are kinds of hidden fees with the loan. However, when working with CreditNinja, you don’t have to worry about any additional fees with the loan. You can also repay your loan as early as you would like without having to worry about fees or penalties.
Get the Money Deposited the Next Business Day
Once we have determined approval for a loan, you could sometimes get the money you need as soon as the next business day! You can get the funds sent straight to a bank account, which can be used immediately!
Highly Competitive Interest Rates
Our personal loan options have highly competitive interest rates even with bad credit! This can mean huge savings with your loan over time.
Get Started with CreditNinja in Shreveport Today!
When you need emergency cash, a personal loan could be the perfect option, even if you have bad credit. You can use personal loans for all kinds of emergencies, and the application process is fast. And when researching loan companies, you’ll find that CreditNinja is the best place to start for the fast cash you need! Get started with a personal loan today, and once approved, you could have the money you need as soon as the very next business day.
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.