North Carolina is the 10th most populated state located in southeastern part of US. Also known as Tar Heel state and Old North State, the region’s economy was largely dominated by tobacco, furniture, and textiles. However, over the years, the industries diversified to other sectors such as biotechnology, finance, energy and engineering.
This state is blowing up in jobs and opportunities. In addition, the Old North State has incredible college basketball teams and they are basking in the limelight as they consume money and power from the crumbling states to the north.
Even though the state’s economy has witnessed an expansion, agriculture remains one of its leading industries till date. Tobacco continues to be an important contributor to local economy. Tourism also plays a huge role in the state’s revenue.
North Carolina may not be the wealthiest state in the country but only one is and that is hard to determine anyhow. However, it does offer number of employment opportunities to its residents. With average household income at $43,916 and per capita income at $35,638, most families enjoy steady income with occasional need for surplus cash. These needs are often met by small cash advances such as personal loans.
The average state credit score of 679, which is slightly lower than the national average of 687, makes North Carolina a suitable candidate for online lenders to disburse personal loans that can be used for multiple reasons. Borrowers in need for financial assistance consider personal loans as an attractive solution. The installments are to be repaid over a period of few years, allowing borrowers to plan their expenses wisely.
Personal Loans vs. Payday Loans
Payday loans often appear to be the quickest option for people who are in need of immediate cash. However, despite its ease of access and temptation to borrow money, taking out payday loans is not a smart decision, especially when you have the option to choose personal loan.
Payday loans are a small amount of money that is loaned to borrower at a high interest rate on the condition that it will be paid back in full when the next paycheck is received. These loans are expensive and often attract sharp penalties if you miss payments.
Personal loans, on the other hand, have fixed repayment schedule and APR that is paid automatically through your account. They are easier to manage and make more financial sense to meet short-term needs. Borrowers in North Carolina should carefully distinguish personal loans from payday loans, and choose the more affordable option of personal loans wherever possible.