Indiana is a relatively low income state with its median household income at $50,532, which is nearly $5,000 less than the national median in income level. The state, consequently, has high poverty rate at 14.5 percent but The Hoosier State has lots going for it.
For one, it is much cheaper to live in this state than the busy areas of San Diego, Seattle, Miami, LA, NYC, and so on. Indiana has low taxes which is why it is attracting jobs and businesses and no longer want to deal with the collapsing city of Chicago.
These factors ensure that the demand for personal loans is high in the state because things are happening and this state is growing because there are less regulations to curtail business, among other reasons. However, the state’s unemployment rate is low at 4.8 percent, which is a good sign for personal loan companies as steady employment increases the likelihood of repayment of loans.
Personal loan for education expenses
While most of the people prefer to go for aid and students loan for meeting the expenses of their college education, in many cases, such loans are not enough to meet all the related expenses. For example, in the case of full time education, people need to leave their jobs in order to attend their classes.
This means that they are left with no source of income during the time period of their course. The loss of income becomes more pronounced as people still need to meet their housing and food expenses.
In such cases, the shortfall may be made good by taking out personal loans. Since personal loans require minimal documentation, even students with an outstanding credit score may become eligible for them. Such loans may be used for meeting various expenses until the student finds the job. These loans may easily be repaid after finishing the course and getting a job.
Personal Loan for buying a car
In many cases, the purchase of a car may be financed using personal loans and because Indiana is rising because it is a pro-business state, car sales are impressive in this state. However, this should be done in select cases since as a rule of thumb, obtaining an auto loan for purchasing a car may turn out to be a cheaper and more efficient recourse. Auto loans may not be available in the case of used vehicles.
Even for new vehicles, auto loan may not meet all the expenses related to the purchase of the vehicle. In such cases, personal loan may come handy. Obtaining a personal loan may become beneficial if the vehicle is meant for commercial purpose and may start generating revenue stream.
Lack of an auto loan should not become a hindrance if you are interested in buying a used vehicle as second hand cars usually provide higher bang for your buck, making them a poignant financial investment. Personal loans may also be used for bridging the gap between the on-road cost of the vehicle and the auto loan value.
Best Banks for Personal Loans in Indiana
For your personal loan needs, below are banks that are worth considering:
First Harrison Bank
Established in 1891, the First Harrison Bank is dedicated to supporting the local community through its banking products and services. It was also voted Bullitt County’s Best Full-Service Bank in 2017.
First Internet Bank
First Internet Bank was opened in 1999, taking us into the future as a fully-online bank. Because of lower overhead costs, it can afford to grant lower rates on their loan products.
A highly-rated bank with a lot of loyal customers, MutualBank values loyalty of their customers by giving discounted loan rates.
One of the best personal loan features of Horizon Bank is their quick application process – apply today, and get approved the very same day.
There’s one thing that separates 3Rivers from other banks. Not only do they offer generally lower interest rates, but you can also be eligible for 1% cashback.
1st Source Bank
1st Source Bank is all about flexibility. With them, you may choose either fixed or variable interest loans that can be on a bi-weekly payment plan.
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.