Layton, a city in Davis County, Utah, has several nearby attractions, including Willard Bay State Park, Children’s Museum of Utah, Antelope Island State Park, Pioneer Village, Great Salt Lake State Park, and Daughters of Utah Pioneer Memorial Museum.
The city has a population of roughly 77,303, which is a 14.5% increase from the April 1st, 2010 population count of 67,500. It’s the ninth-largest city in Utah, and it also ranks highly for population density as well as diversity compared to the other towns, cities, and Census Designated Places (CDPs) within Utah.
A majority (72.6%) of Layton residents own homes, and the median value of those homes is $223,300. The cost to homeowners is about $1,437 every month (including mortgage payments) or $400 every month (without mortgage payments).
About 95% of Layton residents aged 25 years or older have at least graduated high school, and 31.3% of residents aged 25 years or older have a bachelor’s degree or higher. The median household income in the city is $71,883, with a per capita income of $27,073.
What are Personal Loans?
Personal loans are offered by banks, credit unions, or online lenders. When you get such a loan, you’ll pay back the money in regular payments, which can take as long as five years.
Personal loans are the fastest-growing debt category in the U.S. Personal loan debt balances reached $305 billion in the second quarter of 2019, which is a 12% increase year over year. Debt balances of $30,000+ have increased by 15% in the past five years, and balances of $20,000 to $25,000 have increased by 10%.
A personal loan may be secured (backed by collateral) or unsecured (not backed by collateral). Interest rates on personal loans are usually cheaper than credit card rates, and the loan limits are also typically higher. Therefore, if you have debt balances on multiple high-interest credit cards, consolidating the debt into one personal loan at a lower rate can help you save money.
A survey by Experian revealed that people are primarily taking personal loans for the following reasons:
- 28% for large purchases
- 26% for debt consolidation
- 17% for home improvements
- 9% for refinance existing debt
- 30% for other reasons
Lenders consider multiple factors when determining whether to offer personal loans, including credit score, earning history, and debt-to-income ratio. Generally, the lowest rates on personal loans go to consumers with excellent credit, but some lenders offer personal loans to customers with credit scores below 600.
If you don’t qualify for an unsecured personal loan, you may still have a chance of qualifying for secured or co-signer (someone with a strong credit score who agrees to make your payments if you fail to do so) personal loans.
The cost of a personal loan includes interest rates and other fees, such as:
- Interest rate: This is the proportion of loan that is charged as interest, typically expressed as an annual percentage of your loan.
- Origination fee: Lenders may charge an origination fee to cover the cost of processing your loan.
- Prepayment penalties: If you pay off your loan early, some lenders may charge a prepayment fee, since early repayment means lenders won’t get some of the interest they would have otherwise earned.
All the fees and interest rates make up the APR (annual percentage rate) of your personal loan, which reflects its true cost.
Layton Personal Loan Benefits
Personal loans provide a unique form of financing compared to many other types of loans, such as auto loans and mortgages. That’s because personal loans offer multiple benefits, as listed below.
Personal loans are versatile: When you get a personal loan, you are not restricted on how to use it, as long as it’s legal. You can use the money for such purposes as paying for car repairs, covering medical bills, consolidating credit card debt, and other uses.
No collateral for unsecured personal loans: With unsecured personal loans, you don’t have to put up valuable assets as collateral, so it may be a useful alternative to a home equity loan or auto loan.
Good for debt consolidation: If you have debt in multiple higher-interest credit cards, you can consolidate that debt using a lower-interest personal loan. The lower interest can help you pay off your debt more easily.
Excellent credit not required: Depending on the lender, you may qualify for a personal loan even with bad credit. In such instances, lenders consider multiple factors besides your credit score to determine your creditworthiness. You can also expect higher interest rates compared to personal loans for borrowers with excellent credit.
With fixed interest rates, monthly payments stay the same: Lenders can offer fixed or variable interest rates for personal loans. Fixed interest rates ensure your monthly payments stay consistent, unlike variable interest rates that may increase or decrease several months or years down the line.
Fixed monthly payments can help you in making long-term plans to clear your debt.
You can borrow the amount you need: The loan offer you receive from lenders will typically depend on your credit score and other factors, but you are not required to take the full loan amount since you can opt for a lower loan amount that you are more comfortable repaying. Borrowing only what you need can help you avoid overspending and getting into unnecessary debt.
Why Should You Choose CreditNinja?
CreditNinja provides customer-oriented service by offering highly customized services, as well as easily accessible communication channels. Borrowers get loan offers suited to their specific needs and financial capacity, and those facing challenges in fulfilling repayment schedules can call or email CreditNinja for help in altering their schedule.
Applying for a personal loan made or arranged by Credit Ninja is straightforward and can be done online by completing the online application form. Completing the online application is simple and quick. CreditNinja’s fast service is based on the understanding that borrowers may need urgent financing. If approved, you may receive your money as early as the next business day.¹ All you need to do to get started is to provide us with some simple information.
Residents of Layton are free to apply for CreditNinja’s personal loans, and if you have any questions, our dedicated Customer Care Team is ready to assist you.