Originally a farming and mining community, Salt Lake City has grown into a diverse economic region, and its service sector provides most of the city’s jobs. Salt Lake City also has thriving tourism and construction industries.
On July 1st, 2018, the city’s population stood at 200,591, a 7.6% growth from April 1st, 2010. Slightly more than a fifth (20.9%) of the population is under 18 years old, while people aged 65 years and over make up 10.6% of the population.
Salt Lake City is also a full-service customs port city with a foreign trade zone, which contributes to more than 550 million pounds of express mail and air cargo going through the Salt Lake International Airport annually.
The city has a large pool of highly skilled workers, which is a leading factor for companies that decide to base their headquarters there. In fact, a study conducted by CBRE and commissioned by the Downtown Alliance revealed that Utah’s capital ranks high in terms of the recent growth in its working-age population, compared to many other cities with larger populations.
Despite how prosperous Salt Lake City appears to be, there are still people there that struggle financially. If you live in Salt Lake City and you’re in need of personal loans, read on to find out about your options.
What are Personal Loans?
Personal loans, or “consumer loans,” are any loans borrowed for personal purposes such as car repairs, medical bills, large purchases, etc. Personal loans are currently the fastest-growing form of U.S. consumer loans, with 19.2% annual growth in the first quarter of 2019.
Personal loans aren’t just used for taking care of unexpected expenses. They also serve to consolidate debts, pay bills, or help people make it to their next payday.
These loans can be secured or unsecured, and range from a few hundred dollars up to a several thousand, with either fixed or variable interest rates.
Key Facts about Personal Loans
- The total outstanding U.S. personal loan debt is $143 billion.
- The U.S. has 21.1 million outstanding personal loans.
- APR (annual percentage rate) varies based on your credit score, ranging from 7.25% for a 720+ credit score to 100+% for sub 600 credit scores.
- 19.1 million consumers have an unsecured personal loan.
- Personal loans make up less than 1% of total U.S. consumer debt.
- $8,402 is the average debt per borrower.
- In Q4 2019, the average delinquency rate was 3.39% for personal loans.
Why the Personal Loan Industry is Growing
Based on data from TransUnion, FinTech (which integrates technology into financial services) is the main driving force for the rise of personal loans. By the fourth quarter of 2018, FinTech loans made up 38% of outstanding loan balances in the U.S. (higher than credit unions, banks, and other traditional finance options). Even more remarkable is that the figure was only 5% five years prior.
FinTech, particularly online lenders, provide a level of convenience that traditional finance companies cannot match. Besides individually tailored interest rates and repayment terms, you can get an online personal loan faster than a traditional bank loan.
CreditNinja, a FinTech loan provider, utilizes a technological, data-driven approach to deliver highly competitive personal loan products.
Why Should You Choose CreditNinja’s Online Personal Loans?
CreditNinja offers highly accessible, web-based personal loan services to residents of Salt Lake City and surrounding regions.
They are designed for maximum convenience; all transactions are completed online. Best of all, the application process takes just a few minutes, and the loan application approval typically takes one business day.*
You can expect the following benefits by choosing loans made or arranged by CreditNinja:
- Low origination fee
- No prepayment penalties
- Fixed APR (annual percentage rate)
Besides offering quick service, CreditNinja’s application process only requires a minimal amount of personal information to help borrowers secure funding, including:
- Credit history and payment history
- Income and checking account info
- Social Security number and employment information
CreditNinja understands that many people may have difficulty securing financing due to the strict eligibility requirements with some lenders. Therefore, loans made or arranged by CreditNinja have eligibility requirements based on your ability to repay and not just your credit score.
How to Apply for CreditNinja’s Personal Loans in Salt Lake City
If you meet CreditNinja’s eligibility requirements, follow these steps to apply:
- Fill out CreditNinja’s online application.
- Evaluate the loan amount and repayment terms offered by CreditNinja before signing.
- Wait for CreditNinja to review your loan to see if you are approved.
- If approved, you will get the money in your account as soon as the next business day.¹
Apply today for a loan made or arranged by CreditNinja.