Louisiana, also known as Bayou State, is the 25th most populated region in the south of the US. It is also the only state in the country that is divided into two parishes with their own respective local governments. This is stemming from the French influence.
Tourism, agriculture, petroleum, processed foods, coal, chemical products and transportation equipment are some businesses that contribute towards Louisiana’s economy.
Tourism alone brings in $5.2 billion each year and Louisiana is the largest producer of crawfish in the world. Median household income is $41,734 and unemployment rate is 7.3%. With wide range of employment options and income slabs, Louisiana offers variety of financial options for people who are seeking financial support.
Average credit score for the entire state of Louisiana is 670 which is below the country average of 687. Despite its low credit score, there are many lenders that offer personal loans to people with bad credit, helping them through their rough financial times.
Personal Loan for Bad Credit
Your purpose for extra cash could be anything. However, poor credit history is no reason for you to be denied that monetary support. There are many lenders out there who are willing to extend cash advances to you with a fixed loan term, even if your credit score is less than perfect.
There are lenders outside the purview of traditional lending institutions that work closely with borrowers to help them meet their financial needs. People who have poor credit score can still apply for personal loans with the help from experts. Even though most lenders will not approve loans for credit scores that are below 660, some online lenders specialize in extending loans to applicants with bad credit.
The quickest way to fix your credit score is through debt consolidation. Many borrowers apply for personal loans to consolidate their debts and get better control over their finances. Fixed repayment terms and monthly installments can prevent them from falling into credit trap.
The structured nature of personal loan payments helps borrower create a budget and stay true to it. Applicants can choose the term of their loan that usually starts with one year. Small borrowers should ideally explore their personal loan options online and choose the most cost-effective loans that match with their financing needs.
Best Banks for Personal Loans in Louisiana
Below are the most highly-rated banks in the state for personal loans:
Community Bank of Louisiana
Aside from flexible terms and competitive rates, the Community Bank of Louisiana boasts quick application processing for their personal loans.
Progressive Bank originally focused on serving the agricultural industry but has since expanded to open its services to everyone. Through their aggressive expansion efforts, you can now easily access their loan products no matter where you are in the state.
The MidSouth Bank believes in responsible banking and setting reasonable qualifications for their banking and loan products, allowing you to get great deals on your personal loan with them.
Southwest Louisiana Credit Union
With Southwest Louisiana Credit Union, you can get a personal loan of a maximum of $5,000 with APR as low as 5.99 percent. These loans have payment terms of up to 48 months.
Heart of Louisiana Credit Union
According to Bankrate, the Heart of Louisiana Credit Union has a 4-star rating on soundness and safety. That it does not earn a lot from its products and services means it charges lower rates for loans.
Commercial Capital Bank
While most banks have a minimum amount on their personal loans, Commercial Capital Bank does not, allowing you to borrow just the amount you need and not a dollar more.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.