Idaho is one of the largest states in the country and has low taxes which is why jobs are available in this state. It is also one of the least densely populated states in the USA. Idaho mainly has agrarian economy while mining and tourism industries are also main employers in the state.
This state is not loaded in oil shale like Texas, New York, and California is but this state does what it can with the natural resources it has under its feet. They sure grow lots of potatoes there. We would not have French fries or potato chips if it was not for this state.
The state’s reliance on natural resources is behind it low median household income level. The state median household income is $48,275, significantly lower than national median household level income of $55,775.
Due to low income, the demand for a personal loan is high in the state of Idaho. The lenders are interested in extending the loan facility in the state as Idaho has a relatively low unemployment rate. At 4.1 percent, the unemployment rate are among the lowest in the country. Steady employment of the borrower generally provides a good security against any possible default.
On top of this, this state is not losing jobs like California and Maryland is. The Gem State is a fine place to live.
Personal Loans for Improving Credit Score
As Idaho residents have a low-income rate, it is likely that they have a low credit score. Such low credit score may lead to several issues. For example, people with lower credit score do not have access to quality debt. In most of the cases, the loans have threshold credit score limit where the debt is not extended to people with a credit score lower than the threshold limit.
Even if the loan is extended to people with poor credit history, they are given unfavorable terms and conditions. For example, they may be charged a higher interest rate. A personal loan may be used for improving credit history and credit score.
If the borrower is able to repay a personal loan as scheduled and with regularity then it may improve their credit score, which may further help them in getting better deals in the future.
Personal Loans for Life Events
Personal loans may also be used for meeting the expenses related to various life events such as weddings and milestone birthdays. Generally these events require a substantial investment which may cripple a person’s budget and liquidity position. In such a situation, it is prudent to sign up for a personal loan.
Personal loans are easy to obtain as this type of debt requires minimal documentation. Such loans are also fast as the disbursal may be made in a matter of days. However, since a personal loan is generally expensive, it is advisable that this type of financial asset is used judiciously. The borrower should ensure that they avail only that amount of loan which they are able to pay back without straining their creditworthiness.
Best Banks for Personal Loans in Idaho
Here are the best places to go to in Idaho for personal loans:
Idaho Independent Bank
Idaho Independent Bank prides itself for providing customized and local solutions to its customers. As a local bank, it is dedicated to using itself as an instrument to stimulate the economy.
If you are getting a personal loan mainly to build your credit history, Canyon Financial is a great choice. They don’t offer unsecured loans, but they report your payment histories to the credit bureaus.
Bank of Idaho
Bank of Idaho, as a part of the local community, aims to help the residents of the state reach their financial goals through their well-designed loan products.
Idaho Trust Bank
Having a complete line of products and services for businesses and individuals, Idaho Trust Bank can help you not only with securing a personal loan but also with preserving your wealth.
Community 1st Bank
Community 1st Bank only has three locations in Northern Idaho, but what it lacks in numbers it more than makes up for in commitment and years of experience.
D.L. Evans Bank
D.L. Evans Bank offers both unsecured and secured personal loans which you can use however you want to. You can apply in-person or online to see if you qualify.
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.