Murfreesboro is one of the largest cities in the state of Tennessee. The city has a rich and tragic history with the American Civil War, which residents and visitors can learn about through several museums and tours across the city. Murfreesboro has excellent schools and colleges, employment opportunities, and ample housing, making it one of the fastest-growing cities in the United States.
155,769 people live in Murfreesboro, most of them between the ages of 18 and 65. About half of these adults own a home, the average price of homes being $257,500. Most households have an average of two people, and the median household income is $60,683. That income can definitely help take care of two people. Still, what happens when an unexpected emergency occurs, and a household doesn’t have adequate savings to dip into. The good news is that Murfreesboro residents have several loan options to choose from for fast and convenient funding. Personal loans are some of the most flexible and affordable options available! Keep reading to learn more about these loan options to determine whether they are the right choice for you!
The Basics of Personal Loans in Murfreesboro, TN
Standard personal loans are unsecured loans that are repaid in monthly installments. Loan amount, interest rates, and repayment terms will be based on your creditworthiness, finances, and the lender you choose to work with.
What Kinds of Personal Loans Are There?
There are different types of personal loan options available to inquire about; here are some variations to look into:
No Credit Check Loans vs. Loans With Credit Checks
Some personal loan options don’t require a credit check, and you will often see them advertised as “no credit check loans, guaranteed approval.” However, they are only available for a short loan amount, and the interest rates can be high. And so, it may be a better idea to go with lenders and loan options that require a credit check.
Cash Advance Loan Option vs. A Standard Loan
A cash advance loan provides a few hundred dollars in cash to borrowers. Like no credit check loans, they can come with fees, high-interest rates and may not be the best option. Instead, consider a standard personal loan that can be deposited into a bank account and used as cash.
Long-term vs. Short-term Loans
Long-term loan options range from several months to a few years, while short-term loans are usually for a few months to a year. Long-term loans work better for those who want a lower monthly payment and don’t mind paying more interest over the life of the loan. While short-term loans work better for those who wish to repay a loan quickly and borrow a small amount of money.
Secured vs. Unsecured Loans
Secured loans involve an asset, while unsecured loans do not. Adding an asset to a loan can make it easier to qualify for it. And sometimes, increase the amount you could be eligible for, if your income requirements are lacking.
Bad Credit vs. Good Credit Loans
Bad credit loans are for borrowers whose credit scores are below 670, and they have things like past bankruptcies and defaults in their credit history. Good credit loans are for borrowers with credit scores over 670 and have patterns like positive payment history.
Fixed vs. Variable Rate
Fixed interest rates stay the same throughout repayment, while variable interest rates change over time. Having fixed interest rates can mean a predictable monthly payment. Variable interest rates can fluctuate, which means you could get a good deal; however, there is also the risk of higher interest.
What Do I Need to Apply for a Personal Loan?
For most personal loan options, you will need to have a bank account, an income source, and have the ability to prove your identity and residency. Below is more information on these requirements:
- A Checking Account — You will need to have a checking account with a bank, credit union, or other Depository institution. Your bank account can even be online.
- Accepted Sources of Income — Many lenders are pretty flexible with the kinds of verifiable income they accept from borrowers. For example, you can use self-employment income, social security income, disability, contract or part-time work income, and more. Use documents such as bank statements, pay stubs, letters of income, etc., to provide proof of income.
- How You Can Prove Your Identity — You will need to provide a valid government-issued photo ID such as your driver’s license, passport, permanent resident card, etc. You will also need other identifying documents/information, your social security card or Tax Identification Number (TIN).
- Documents to Verify Your Address — Mail, bank statements, utility bills, lease agreements, mortgage statements, etc., can all be used to verify your address.
The Application Process With a Personal Loan
If you haven’t applied for a personal loan before, you may be curious about how things work. The good news is that the process is extremely straightforward; here is how it will work most of the time:
- Fill out an application.
- Send in some documents and wait for approval.
- Once approved, go over the loan agreement.
- If everything looks good, sign the loan agreement and get the funds.
- Depending on the lender, the funds can be sent via direct deposit, mailed as a check, or picked up at a retail or branch location.
What Can I Use a Personal Loan For?
The versatile thing about a personal loan is that borrowers can use the loan proceeds for all kinds of emergencies and personal financial challenges. Here are some examples:
- Rent and Mortgage Payments — Whether you are renting a place or are a homeowner, your monthly housing costs will likely be the most considerable expense you have each month. Loan options can help you pay rent or pay a mortgage when you are struggling with these expensive payments.
- Family Care — Whether you are a parent or are taking care of an elderly loved one, some expenses come with that care. A personal loan can help you take care of any of these kinds of costs.
- Medical Emergencies and Bills — Medical emergencies can happen to anyone, and recovery can mean medical bills. Leaving medical bills unpaid can have consequences. If you don’t have the money to pay out of pocket, a personal loan option in Murfreesboro, TN, can help.
- Pet Care — Pets are family, and just like family members, they require all kinds of care. A personal loan can help you pay for medication, vet visits, annual vaccinations, dog park memberships, pet sitters, pet boarding, grooming, and more.
- Car Repair — Car repairs can sometimes be unexpected, and depending on your car, even regular maintenance can cause hundreds or even thousands of dollars. Most people in Murfreesboro, TN, use their vehicle as their primary transportation method. If you are one of those people and your vehicle needs repair, it can be an urgent and necessary expense. You can use the funds from a personal loan to fix or replace your vehicle.
- Home Improvement, Maintenance, and Repairs — Owning a home can be expensive. There are usually all kinds of improvements, maintenance, and repairs costs that will have to come out of pocket. If you don’t have the money upfront consider a personal loan option.
- Wedding Costs — A wedding involves careful planning and a large budget. However, most people who have planned or paid for a wedding know that not everything will go according to plan. And you will likely spend more money than budgeted. Wedding costs include a venue, food, decorations, clothing, and more. If you need some help paying for a wedding, a personal loan can be an excellent solution!
- Debt Payment Obligations — Most Americans have some sort of debt they are paying, whether credit card debt, other personal loans, payday loans, or even loans borrowed from friends and family members. The good news is that you can use a personal loan, which can come with competitive interest rates, to pay off your existing debt.
Personal Loan Benefits
There are all kinds of benefits that come with a personal loan option in Murfreesboro, TN; here are some to look forward to:
A Bad Credit Score Is Okay for Loan Approval
As mentioned above, you can get loan approval even if you have a low credit score or bad credit history. Bad credit personal loan lenders will focus on your income and ability to pay back the loan rather than just your credit score.
Fixed Monthly Payments Throughout the Loan
When you take out a fixed-rate personal loan, you can expect predictable and steady monthly payments until your loan is paid back in full. This can be an excellent option for borrowers who are just starting out with a loan option and are on a strict monthly budget.
Many Lenders To Choose From
Many financial institutions offer personal loans options, so you can pick and choose from lenders, especially if you have good credit. There are traditional lenders like banks and credit unions or online lenders to inquire with. You can also pick between a direct or indirect lender— one that does the search work for you.
Loan Amounts Vary
Whether you need a large loan or a smaller loan, lenders and loan options can accommodate either of those needs. And even if you are approved for a large loan, you never have to borrow more than the minimum loan amount you need.
A Great Option for Debt Consolidation
The loan proceeds from a personal loan can be used to pay off all of your high-interest debt. This process is also known as debt consolidation. A personal loan can work well as a debt consolidation loan because it can come with highly competitive interest rates and affordable repayment.
An Easy Loan Process
The application, approval, funding—the entire loan process is straightforward with a personal loan. This is especially true when you apply for a loan online!
Decent Interest Rates
Interest rates for a personal loan can be lower than a credit card, payday loan, title loan, or other loan options.
Why Should You Choose CreditNinja for Personal Loans in Murfreesboro, TN
Considering a personal loan for your financial needs but are unsure where to start in Murfreesboro, TN? CreditNinja is the best place to start when you need a personal loan! Here are some of the benefits you could look forward to when working with us for your loan option:
- Apply Online 24/7 — You can apply for a loan with us from the comfort of your home, any time of day or night. One way we offer convenience and flexibility to our customers!
- Personalized Loan Terms — Whether you need a large or small loan, long or short repayment, talk to a loan specialist about what you need! Our loans are available in all sorts of loan terms.
- A Fast Application Process — Our application process only takes a few minutes to complete. All you have to do is answer just a few questions.
- Friendly Loan Specialists That Are Totally Focused On You — Before you apply, during your application process, and even afterward, our team members are here to help you with any questions.
- No Hidden Fees or Pre Payment Penalties — Our loan agreement is highly transparent. So there will be no hidden fees or finance charges with loan repayment. Additionally, you can pay off your loan early without any fees or penalties.
- Get Approved Funds as Quickly as One Business Day — Once approved for a personal loan with CreditNinja, you could have the funds you need quickly. In most cases, the money could be sent straight to your bank account as soon as the very next day, after approval.
- Flexible Credit Criteria — We offer bad credit loans options. Even with poor credit, you could qualify for the money you need. Instead of just focusing on your credit, we consider other factors like your income and ability to repay your loan.
Getting started is simple! Fill out our online application to get the ball rolling. We’ll contact you with the next steps once you submit your loan application.
- History of Murfreesboro | Murfreesboro, TN – Official Website
- US Census Bureau QuickFacts: Murfreesboro city, Tennessee
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.