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 and not away from it like they are California.
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.