Arkansas is home to over 3 million people and features wide range of terrain. However, the state has very low level of income at $41,995 while the average median income level for the entire nation stands at $55,775. But it is cheaper to live in this state and taxes are low.
In addition, this state is not losing thousands of people and so many businesses like New York and California is. The Natural State is well managed and you can live here in solitude if that’s something you’re looking for.
The state also has relatively lower cost of living, which puts lower wages in some perspective. However, Arkansas still has 19.1 percent of its people living in poverty, necessitating the need to take up personal loans.
The demand for personal loans is further fueled by the fact that the Arkansas also has low home value. It means that people are not able to use their home equity for meeting their financial requirements and need to take up personal loans.
Personal Loans for Medical Expenses
Arkansas has high unemployment rate at 5.2 percent, which is amongst the highest unemployment rates in the country. This means that a large percentage of population is not covered by their employers’ medical insurance schemes.
An illness or an emergency hospital may turn out to be prohibitive if there is no insurance cover in place. In such cases, people may need to take up personal loans to meet their medical requirements.
Personal loans are generally expensive but are also available easily, with minimal documentation. The quick and easy disbursement of proceeds makes personal loans suitable for meeting medical emergencies. Such loans may then be repaid in easy installments over the course of time. In states that rising such in The Land of Opportunity, personal loans are literally a life saver.
Personal Loans for Wedding Expenses
Weddings are a happy occasion but they can also be pretty expensive. In states such as Arkansas, where people are more tied to traditions, weddings may turn out to require huge outlay. However, with the help of personal loans, people can make this occasion a memorable one without breaking the bank.
Personal loans are easily available and require very less formalities. Such loans may also be customized to meet the requirements of the borrowers.
The person signing up the loan may talk with their lender to design a repayment plan which is mutually beneficial. Furthermore, personal loans generally do not carry any restriction as to their use, which implies that the borrower may spend the money whichever way they like. However, since personal loans have higher interest rates attached to them, it should be ensured that the borrower only utilizes the minimum required loan amount to meet their expenses.
Best Banks for Personal Loans in Arkansas
Below are the best banks in the state to go to for personal loans:
Bank of Little Rock
With the Bank of Little Rock, your loan application is processed locally to cut through the red tape and to get you the funding you need right away.
First National Bank of Eastern Arkansas
Founded in Forrest City in 1886, the First National Bank of Eastern Arkansas has never failed to provide immediate access to cash, whether in deposit or in loan, to its customers.
While very admirable because of its active participation in community building, Arvest Bank can also boast its very warm customer service and highly competitive rates.
Riverside Bank has been around since 1916 but only expanded with a loan production office in 1996. However, what sets them apart is their loan committee that works 24/7 to expedite the loan process.
First Arkansas Bank and Trust
The first bank in Jacksonville, AK, First Arkansas Bank and Trust has already opened a lot of branches since its founding in 1949.
Aside from personal loans, Centennial Bank has a wide range of loan products available, all of which can help you obtain financial flexibility.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.