Springfield, MO, is the perfect combination of city attractions mixed with the charm of a small southern town, nicknamed “The Queen City of the Ozarks.” Visitors can enjoy all of Springfield’s fine dining restaurants, shopping centers, and close proximity to other major cities. Those who love the outdoors have a ton of places to choose from as well. There is the Nathanael Greene/Close Memorial Park, which has many landscapes and manicured gardens to explore. The Fantastic Caverns are the only ride-through caves of the nation, which makes it more thrilling to see Missouri from underground.
Even with so much to do and explore, Springfield is actually pretty cheap to live in. Everything from housing (average value of a home being $122,200) to groceries and transportation is much cheaper than the national average. For the 169,176 residents in the state, this can be a great way to save money, as long as they make enough for their households.
Unfortunately, the median income for the city is pretty low, around $37,491. This may be enough for some people’s everyday expenses, but what about those who are vulnerable because of a lack of savings? When a short-term emergency or unexpected expense comes up, residents of Springfield can turn to loan options.
The right loan option should be fast and convenient without stripping away your financial independence! Not all loans do that job, but personal loans definitely can when working with the right lender. Personal loans are actually one of the best loan options available. They can be cost-effective, fast, and used for all kinds of costs. Below you will find more information on these loans and why they might be the best choice for your financial needs in Springfield, MO.
Personal loans are usually unsecured loan options available for residents of Springfield. These are loans repaid in regular monthly installments—hence sometimes referred to as just installment loans. Monthly payment amounts will range depending on the loan amount, interest rate, and the loan period, which is the amount of time a borrower has to repay a loan. The interest rate and loan terms are determined by an applicant’s finances and creditworthiness, along with the lender or financial institution giving out the loan. Personal loans can be found at banks, credit unions, or online lenders.
When researching personal loans, you are likely to come across a few different variants. If you haven’t looked at these differences before, it will be helpful to understand them before going into a loan option:
Personal loans work best for borrowers who have a short-term emergency and need some extra help while they get back on their feet. Or if they need to finance a significant expense or purchase and want to repay it in monthly installments. Personal loans or any type of loan option isn’t the best idea for long-term financial hardship. It can mean missing payments, defaults, stress, hurting your credit score. In some cases, you may even find yourself stuck in a cycle of debt.
The convenient thing about personal loans is that you really don’t need a lot to be approved. The basic requirements will include having a bank account (or checking account with any other type of depository institution–credit unions, saving banks, etc.).
Lenders will also ask about your income, and you don’t have to have a traditional 9-5 job. Income types like self-employed income, social security income, and even grants or rewards may be acceptable.
The last significant requirements will be verification of your identity and permission to conduct a credit check. Some lenders may not require a hard credit check—one that impacts your credit scores—until the very end of the inquiry process.
When applying for a personal loan, you’ll need some documentation:
A Personal loan has tons of benefits, which are especially apparent compared to other loan options. Here are some of the advantages of personal loans over different types of lending, along with standalone perks:
Although credit cards can be convenient, more times than not, personal loans will likely be the better choice. You could get a better interest rate than a credit card with one of these loans, especially if you have a high credit score and good credit history. Borrowers with bad credit may not be approved for a credit card at all.
Not only that, but with a credit card, because it is a revolving account, it can quickly lead to significant credit card debt, which can be extremely difficult to get out of. In fact, many people have to turn to professional help or use different strategies to get out of debt—which can cost time and money! And so, If you don’t have the best financial habits, stay away from credit cards.
Payday loans are straightforward to qualify for, and you don’t need a lot when taking out a payday loan. Most lenders will just ask for proof of income and a valid ID. Although these loans are fast and convenient, they only make a few hundred dollars available for an extremely short period, about two weeks. In that small time frame, a borrower will have to pay the amount borrowed and the extremely high-interest rate that comes with these loans. In comparison to payday loans, with bad credit personal loans, you could get more time to repay, borrow more, and get a lower interest rate!
A title loan is a type of secured lending which uses the borrower’s vehicle as collateral. Lenders will focus on the value of your car and the applicant’s ability to repay a loan. You can be approved for one of these loans even if you have bad credit; however, you will need to have a working vehicle registered in your name that meets specific qualifications. Title loans have incredibly high-interest rates, averaging around 300% to 400% of the loan amount. Not only that, you could risk your vehicle if you miss any payments or default altogether. When looking for a bad credit loan option, personal loans are the better choice. You don’t always have to use collateral, and the interest rates are much lower.
A cash advance can be a credit card cash advance or a cash advance loan. Although these options can seem convenient, you’ll pay a ton in interest rates and potential fees. In most cases, you may not get as much money as you need for medium to large expenses. Check out personal loans in Springfield, MO, for lower rates, minimal fees, and potentially larger loan amounts.
In addition to low-interest rates, not requiring collateral, and approval with bad credit scores, personal loans come with other benefits; here are some:
The loan application process for these loans is extremely simple! With many lenders, you may be able to apply online, making things even easier and faster. You will have to complete a loan application and send in some documents to apply. Once you are done with the application process and submit your info. A lender will contact you to let you know about approval. Once approved, go over the loan terms and sign. The funds can then be transferred to a bank account, picked up at a location, or mailed to you as a check.
With all the different repayment options available with personal loans, you can rest assured that you are bound to find something that works for your finances. And so, whether you need a short-term loan, a loan with a low credit score, or fixed monthly payments, a personal loan can help you cover personal financial challenges. All without having to worry about creating new ones.
After applying for a loan, your lender will let you know about approval reasonably quickly. You may have to wait a week or more when working with other loan options. However, a personal loan usually takes a few days to process, and you will know whether you are approved. This gives you the freedom to weigh out your options, even during an emergency.
You can use the funds from a personal loan for all kinds of expenses. Here are some reasons why people take out a personal loan:
These are just a few of the different reasons to give when taking out a personal loan. These loans are incredibly versatile, and you can use them for almost anything.
When researching loan options, you will likely come across several financial institutions you can apply with. It may become difficult to filter through banks, credit unions, and online lenders to pick the best one. Well, at CreditNinja, we believe that we are the best choice! Here are some of the perks you could look forward to with our loan options:
And so, as you can see, we are the best place to start when searching for loan options in Springfield! Get started right away, and once approved, you could have the money you need in no time!
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.