Milwaukee has a long tradition of being known as a brewing city. It’s home to the historic Milwaukee Brewery, which is the oldest major brewery in the U.S. that’s still functioning. It’s also the “City of Festivals” due to the variety of themed, seasonal festivals celebrating the city’s history and diversity.
As the largest tourism market in Wisconsin, the Greater Milwaukee area accounts for $5.7 billion (or 26%) of the $21.6 billion generated by the state’s tourism economy in 2018.
In 2018, Milwaukee County’s GDP overtook its 2007 peak, growing by 1.9% from the previous year. That was the strongest year of growth since 2011, based on data from the U.S. Bureau of Economic Analysis.
As a Milwaukee resident, you probably benefit from the city’s robust economy, but it’s not unlikely that you also sometimes face challenges in meeting the daily costs of living. When urgent financial needs arise, a personal loan with favorable terms may help you.
What are Personal Loans?
Personal installment loans are loans borrowed from a bank, online lender, or other financial institution, for personal use. You usually pay the loan back in fixed installments (usually monthly payments). The total cost of such a loan includes interest and other fees.
These loans can either be unsecured, which means that you don’t need to offer up collateral like your house, or secured, which does require collateral. Lenders typically don’t restrict you on how you can use the loan. This form of lending is also accessible to a wide variety of people.
If possible, it’s wise to try to boost your credit score before applying for a loan, since the interest rates, terms, and principal amounts for unsecured loans are mostly based on your credit score. With an excellent credit score, you’re more likely to get lower interest rates.
You can improve your credit score through strategies such as reviewing your credit report for any errors, and making timely payments on your credit card.
If you have a poor credit score, another option to improve your chances of getting a low interest rate is to bring along a cosigner. A cosigner is someone with a good credit score who will repay the loan if you default.
Personal Loan Benefits
Personal loans are the fastest-growing debt category in the U.S., and here are some of the benefits of obtaining such a loan:
- Improving your credit score: Converting your debt from credit cards, which have revolving credit terms, to personal loans, which have fixed loan terms, can indicate to credit bureaus that you’re taking charge of your finances. Having a fixed term to repay your debt shows that you’re committed to repaying it, compared to revolving credit, which offers the option to continue borrowing.
- Simple interest instead of compound interest: Credit with compound interest means that consecutive interest is calculated on the principal plus the previous interest. Comparatively, personal loans typically use simple interest, where the interest is calculated only on the principal, making it less expensive than compounding interest loans.
- Fixed monthly payments: When you apply for a personal loan, the lender should provide you with all the details concerning your payments. This way, you know exactly how much your loan will cost from start to end, which can help you in properly planning to repay it.
Why Should You Choose CreditNinja?
CreditNinja’s online lending platform seeks to make the personal loan process more easily accessible. You can use the platform any time of day or night, and the application process only takes a few minutes.
Since we’re dedicated to offering fast service, we typically provide a credit approval decision in less than one hour, and your loan may be funded within one business day.¹