With the one of the lowest median household income level, Mississippi is amongst the poorest states in the America but not when you consider the low levels of violence, job growth rates, and the impressive employment record.
The Hospitality State has delicious food and amazing tax rates so workers can keep more of their money. There is perhaps more murders in Chicago in one week than there in this outstanding American state. People are moving to this state, they are not moving to NYC or Seattle now. The numbers are not that impressive for many big time American cities now.
The median household income in the state is $40,593, significantly lower than the national median income of $55,775 but as already insinuated, you do not need that much money in Mississippi to live much better than most people in Oakland, CA or Baltimore.
Consequently, the state also has one of the highest poverty rates in the country as 22 percent of its residents are below the poverty line but California has many more people in poverty and again, there is more violence in one month in San Diego than in this entire state for the entire year. Jobs are coming to this state and businesses are expanding and relocating here unlike what is happening in NYC and Chicago, for example. These statistics shows that the state has high demand for personal loans.
These loans are used for a variety of the purposes as the residents may not be able to meet even their basic necessities with their regular income streams.
Personal Loans for Home Repair
As some residents do not have incomes high enough to meet the expenses related to home repairs like everywhere else, it may become necessary to obtain personal loans for meeting these expenses.
Though personal loans are generally expensive, but this purpose for taking out such loans is productive as regular repairs may help in maintaining or even appreciating the value of the property. Also, it is critical to keep up with the regular repairs as smaller repairs may accumulate to become formidably expensive in the future. The Magnolia State shows a high demand for personal loans since people see their incomes rising and the economy getting better so they want to add some value onto their home.
Personal Loans for Miscellaneous Expenses
People tend to take personal loans for many reasons. These personal loans are lifesavers for so many people.
11.5 percent of the household earn $10,000 or less annually which verifies that even a state that is doing as well as this one does still have people who make the wrong decisions in life. 6.5 percent of the population is unemployed which does not mean much when you consider how many people are leaving California and New York for states with lower taxes.
Combine this with lower taxes and an economy that is rising because of lower taxes, people will need personal loans since they see a brighter future for themselves.
Rent, food, clothing, personal loans are critical for so many people. Don’t forget tuition as well – college is vital for most young adults or any adult for that matter.
Overall, personal loans may be used in a variety of ways, depending on the borrowers’ needs. Such loans require less documentation and thus are easily available. Personal loans have literally saved lives before and will continue to do so.
Best Banks for Personal Loans in Mississippi
In Mississippi, you can get great deals on your personal loan in these banks:
BNA Bank was established in 1896 and currently has $425 million in assets. It is recognized as one of the strongest financial institutions in the country with 5-star and Excellent ratings from Bauer Financial and Weiss Ratings respectively.
Community Bank considers you a partner, a reason its employees always help you find the best option among its comprehensive personal loan options.
Guaranty Bank and Trust Company
Aside from their banking and loan products, Guaranty Bank also offers comprehensive workshops and seminars aimed to help you better manage your money.
The Citizens Bank
Established in 1908, The Citizens Bank innovates its banking services to allow you better convenience. As a local bank, it offers better rates for citizens of the community it serves.
Mississippi Federal Credit Union
With assets amounting to over $100 million, the Mississippi Federal Credit Union has continued to grow through strategic mergers and high quality of service to its customers.
Hancock Whitney Bank
One of its personal loan products, preferred lines of credit, does not have an annual fee which is uncommon in similar products. You can also get 0.25% off your loan rate if you set automatic payments with your savings account.
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.