Massachusetts is one of the most prosperous states in the US but because of extraordinary taxes and job killing regulations, this state is not doing that well. Once dependent upon agriculture and fishing, the state is now an industrial hub which is losing its lusters as jobs and businesses leave this state to low tax states like North Carolina and Florida.
The median household income in The Old Colony State is pegged at $70,628, considerably higher than national median household income of $55,775 but since taxes are so high and it is so expensive to live, this level of salary does not mean that much.
With poverty rate at only 11.5 percent, it may seem that Massachusetts would have low need and demand for personal, the opposite is true. This is because the economy is not really growing and there is not that many jobs in this state.
The demand for personal loan is high in the state as people tend to use these loans for meeting their aspirational needs. As the residents have higher income, the repayment of these loans is almost guaranteed, which allows the lenders to give favorable terms and conditions to the borrowers.
Personal Loans for Boats
Massachusetts is bordered by the Atlantic Ocean to its east side. The state offers several other options to indulge in water sports activities, which means that Massachusetts has high demand for boats of all kinds. However, the capital outlay required for these products is very high and may undermine people’s budget.
In order to spread such expenditure over a couple of months or years, it is advisable to take out loan for financing the purchase of boats or yachts. Taking out a personal loan also helps people in maintaining their liquidity position.
Since the loan proceeds are used for acquiring a tangible asset, the lenders are also more secure in giving out such loans. The proceeds may also be used for meeting the maintenance costs of such assets.
Personal Loans for Housing Costs
While the income level is high in The Bay State, the cost of living is equally high. The median home value in the state is at $352,100, far higher than national median home value but this is because there is not that land in this state. This translates to higher rental prices as well which is another reason people are leaving. The quality of life in this state is not that impressive.
Personal loans may help people in meeting their high rental expenses. While personal loans are expensive as they attract higher interest rate, these loans may be used for bridging over difficult times such as after layoff, to meet housing expenses for a period of time.
Personal loans are also easy to obtain. As these loans require minimal documentation, the process is fairly fast and the borrower may receive funds at short notice. These features make personal loans suitable for meeting expenses such as rental expenditures and so on.
Best Banks for Personal Loans in Massachusetts
No matter what you need the funding for, you can trust these banks to bridge that financial gap:
Leominster Credit Union
If you live in Worcester, Middlesex, Norfolk, Hampden, Franklin, or Hampshire Counties, you can enjoy the competitive rates of Leominster Credit Union for amounts starting from $500 to $25,000.
North Brookfield Savings Bank
A local community bank that has truly become a part of the communities it serves, North Brookfield Savings Bank was established in 1854.
Having served Rhode Island and Massachusetts since 1855, bank Five is dedicated to improving the well-being of people, relying on real reviews from their customers and offering competitive rates on their loan products.
Sharon Credit Union
By gaining membership in Sharon Credit Union, you gain access to competitive rates on loans and high yields on savings accounts as well as have a say on how the bank is run.
Webster First Credit Union
Webster First is a member-focused credit union which is run by a community instead of a select few. It has been around since 1928 and has been serving the local community for 90 years.
Digital Federal Credit Union
Having physical branches in Massachusetts and New Hampshire, Digital Federal Credit Union also serves the entire United States through its strong online presence.
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.