Oklahoma is located in south central part of the country. It is the 20th largest state and 28th most populated region in US. The Sooner State is on fire with a strong energy industry. This is a state that is kind to business and that is why people are moving to this state.
One of the leading industries in Oklahoma is natural gas, oil and agriculture. However, the state’s economy also depends on aviation, energy sector, telecom and biotechnology, among other industries. In 2007, the state of Oklahoma had the fastest growing economy in the country. The average household income of its residents is $43,225 and per capita income is $36,421.
However, despite the multiplicity of its industries, low unemployment rate of 4.1% and number of employment opportunities, there are still times when the state residents struggle to meet their financial goals and require additional support to overcome their tough times. For these residents, state of Oklahoma has plenty of financing options such as short-term personal loans.
The state average credit score is 676, which is lower than the country average of 687. However, Oklahomans can rely on online lenders and other unconventional lending institutions to ask for financial assistance in their testing times.
Personal Loan for Unemployed
People may think that an unemployed person is not eligible for personal loan; however, this is far from the truth.
When lenders examine a borrower as an eligible loan applicant, they naturally place the highest emphasis on their repayment capability. This is the reason they scrutinize their employment history, and the proof of stable income.
Needless to say, current employment status and credit score play an important role in loan approval process. However, for unemployed individuals, the best way to obtain personal loan is to do so against a collateral, also known as secured personal loan. These loans issue funds against home equity, car titles or other property of value that can safeguard the bank’s interest and also give them confidence to loan you the money.
There is also option to obtain unsecured personal loan, albeit with stricter lending conditions. The lenders may overlook unemployment if the borrower gets income in the form of disability or social security payments. The borrowers can shop around to find the lowest rate before taking a personal loan. It is no longer difficult to obtain cost-effective personal loan offers from leading online financial service providers.
Best Banks for Personal Loans in Oklahoma
Up your savings by finding the best rates on interest loans, starting with these banks:
FNB Community Bank
Driven by the need to serve the banking needs of Midwest cities as well as the Tinker Air Force Base, the FNB Community Bank operates in 29 branches all over the state.
The First State Bank
Offering secured and unsecured as well as fixed- and variable-rate personal loans, The First State Bank gives you the opportunity to assess your situation for yourself and select the best option for you.
Tinker Federal Credit Union
The largest credit union in the state, Tinker Federal Credit Union has over 363 thousand members and $3.8 billion in assets.
WEOKIE Federal Credit Union
WEOKIE Federal Credit Union is more than ready to assist you to achieve your financial goals through different financial products such as personal loans.
Bank of Oklahoma
The Bank of Oklahoma provides both secured and unsecured personal loans and lines of credit to help you fund your different expenses. Unfortunately, you have to go to their branch to apply for it.
An option available across the nation, transactions with NetCredit is all online. However, this is a more popular option for those with bad credit.
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.