Wisconsin is the leading producer of cheese in the US. The economy of this state is driven by agriculture, manufacturing, and healthcare, producing a gross state product worth $348 billion.
Roughly 29% of Wisconsin businesses have payroll employees, while the remaining 71% are non-employers, partnerships, or sole proprietorships without payroll employees (this doesn’t include farmers). New start-ups create more than 25% of all jobs, which is the largest share of jobs compared with businesses of other age groups.
In Wisconsin, 91.9% of residents aged 25+ years have gone through high school or higher, and 29.5% have a bachelor’s degree or higher. Households in the state typically make $59,209 annually, while the poverty rate stands at 11%.
As Wisconsin’s economy continues to thrive, residents may enjoy higher incomes while also facing higher costs of living. In some situations, financial assistance in the form of personal loans may help meet unexpected costs. In case you are looking for a quick financial boost, personal loans in Wisconsin may be the right solution.
One popular option for a personal loan in Wisconsin would be an installment loan. That means that lenders offer you a fixed amount of money, which you pay back with interest and fees in monthly installments. Common loan terms range from three to five years.
TransUnion’s consumer credit report of 2019 indicated that personal loans are the fastest growing form of consumer lending in the US, growing by 19.2% in Q1 2019 year-over-year. Personal loan balances have almost doubled in just four years, rising from $72 billion in 2015 to $143 billion at the beginning of 2019.
Installment loans are different from revolving credit, since the lender closes your account once you pay your loan in full. Revolving credit allows you to take out more credit — up to your credit limit — when you repay the amount of money you borrowed. If you need more credit with an installment loan, you need to apply for a new loan.
Since lenders don’t restrict your use of personal loans, you can use the money for various types of expenses like:
Personal loans come in different varieties. You can select one that best suits your needs and offers favorable terms for your situation. The common types of personal loans include:
Lenders usually apply simple interest on personal loans, which is different from compound interest. Simple interest only applies to the principal amount, unlike compound interest, which applies to both the principal as well as the previously accumulated interest.
Moreover, lenders often use an amortization schedule in applying your monthly payments to both interest and reducing your principal. In the amortization schedule, a greater portion of the initial payments will go toward interest and, as you get closer to the end of the loan term, a greater portion of the payments will be used to reduce the principal.
As an example, here’s a sample amortization table showing the first and last three monthly payments on a 5-year $10,000 loan at a 17% interest rate:
Total Interest Paid
Personal loans offer several benefits, including:
Personal loans are available across multiple cities within Wisconsin. Here are some of the top cities where you can access this type of credit.
Wisconsin currently has a population of 5,822,434, and the top 10 cities — by population count — within the state are:
Now that you know what personal loans are and where you can access them, you need to know how to go about taking out a personal loan.
Unsecured personal loans largely rely on your credit worthiness, so it is a good idea to check your credit score beforehand. If you have a poor credit score, try to improve it where possible, since a good credit score can improve your chances of getting a lower interest rate.
When applying for a loan, provide all relevant documentation to show your credit worthiness. This includes bank statements and pay slips.
When the lender offers you a personal loan, carefully evaluate the terms. Check how much of your monthly income will be taken up by the monthly payments. In some cases, you may need to cut back on your monthly expenses to have extra cash to repay the loan.
Don’t just consider the interest rate, but also check the annual percentage rate (APR) which includes both the interest rate and other fees. In addition, evaluate things like potential penalty fees and how they may apply.
You can benefit from taking out personal loans offered by lenders that don’t have penalties like prepayment fees. Without a prepayment penalty, you’ll have the option to repay your loan early without extra costs. This way, you’ll pay less interest over the life of the loan since the interest would only apply for a short duration before the loan is paid in full.
CreditNinja offers a convenient online lending platform, so you can easily access personal loans. The application process requires only basic details of personal information, including:
Another benefit of choosing CreditNinja is simple eligibility requirements. Our personal loans are accessible to many potential borrowers. In order to apply, you must fulfill the following eligibility requirements:
Lastly, we’re dedicated to fast service, so you may get confirmation of your loan application approval within one business day. We can often provide funding for the next business day as well.¹
When you’re ready to apply for a personal loan from CreditNinja, follow this simple 3-step process:
You can complete the application process with a computer or Smartphone, without leaving your house. Apply today for a personal installment loan from CreditNinja!