The state of Kentucky lags behind the national average when it comes to median household income level. The state’s median household income is $45,215, lagging behind national median household income of $55,775 but this means very little since Kentucky is doing well since the coal industry is coming back.
Regardless, when it comes to money people sometimes make decisions based on emotion and not reason and they find themselves in a financial pickle.
This situation ensures that there is high demand for personal loans in the state of Kentucky. The loans are taken out for a number of reasons such as for meeting emergency expenses or for paying tuition fees.
With 18.5 percent poverty rate, which is amongst the highest in the country, Kentucky is a forerunner when it comes to the demand for hassle free personal loans.
Personal Loans for Emergency Expenses
Kentucky has low income level which ensures that the residents are not in position to create an emergency fund for meeting unforeseen expenses. The lack of emergency fund may make it difficult for Kentucky residents to meet their unexpected expenses. In such cases, personal loans may come to their rescue.
There are several benefits attached to personal loans. These loans are available with minimal documentation, which ensures that most of the people can qualify for these loans. Such loans also have fewer formalities, making the disbursal of such loans faster.
Due to these features, personal loans are a good way of meeting emergency expenses. However, as these loans generally attract higher interest rate, the borrower should keep the amount minimal to ensure that they are able to meet the repayment obligations.
Personal Loans for Education Expenses
Kentucky has one of the lowest college graduation rates for adults which could be because there are so many decent jobs in this state that do not require a college degree. One of major reasons for such lower rates is that some people cannot afford a college education. While scholarships and government grants are the main ways to meet college expenses, personal loans can also help the situation.
Higher education entails many expenses beyond tuition fee. If the person has to leave their full time job to attend college, they still need to meet their routine expenses such as rent and food bills. In most of the cases, scholarships do not cover such expenses.
Personal loans, due to their easy availability and fast disbursement, are a good way to meet expenses while you work towards your diploma. While personal loans are expensive, using them to meet your educational expenses is a sound investment and the people who live in this state do not have to worry about crime rates as well when compared to other cities.
Once you get a job after completing your education, you should make the repayment of these personal loans your first priority. You are not California, you have to be responsible with your money.
Best Banks for Personal Loans in Kentucky
In Kentucky, you can get terrific deals on your personal loans with these banks:
Farmers National Bank
Having eleven locations in four of the state’s most historic counties, Farmers National Bank has deep roots in the state, developed in their 134 years of service.
Best Financial Services Inc.
Best Financial Services specializes in debt consolidation, one of the primary purposes of getting a personal loan. Since its opening in 1997, it has become the go-to lender in Central Kentucky.
Commonwealth Credit Union
Unsecured line of credit (a type of personal loan) is one of the cornerstone products of Commonwealth Credit Union. They have fixed monthly payment published on their site for up to $50,000.
First National Bank of Kentucky
Established in 1881, First National Bank of Kentucky now has 2 loan production offices apart from their 2 branches, located different counties.
Whitaker Bank Corporation of Kentucky
Founded in 1978 by Elmer Whitaker, the Whitaker Bank Corporation of Kentucky has continued to expand its line of products and services. It currently has nearly 33 branches all over the state.
First Federal Savings & Loan Bank
First Federal Savings & Loan Bank is run by a group of people with extensive knowledge in their respective fields and whose families have been in the community for generations.
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.