South Dakota is a sparsely populated state and is mainly reliant on agriculture and natural resources. Despite its reliance on primary occupations, the state’s median household income level at $53,017 is only marginally lower than the national median household income level.
While the income level in The Mount Rushmore State is low, the cost of living in the state is also low. This ensures that the state residents are ideal borrowers for personal loans.
Such personal loans may be used for a variety of purposes. The loans may be used for setting up a small business, which may help create a new income stream. Alternatively, the loan proceeds may be used for buying land. Personal loans, when used responsibly, may help people in a number of ways.
Personal Loan for Purchasing Land
South Dakota is particularly known for its ranches. The state is also blessed with highly fertile land. For these purposes, it is necessary to purchase a tract of land. However, with South Dakota’s high poverty rate at 13.7 percent, it may not be possible for its residents to make an outright purchase of land.
In such cases, South Dakota residents may have recourse to personal loans. Personal loans are easy to obtain and are disbursed within a short period of time. The proceeds may be used for buying land, which may further be used for several purposes such as building a ranch or for agriculture.
Land is a productive asset and thus, it may be relatively easier to obtain personal loan for the purpose of acquiring land. The borrower should consult the loan provider for arriving at mutually beneficial terms and conditions such as interest rate and tenure for the loan
Personal Loan for House Expansion
South Dakota is a solid state for personal loans. The state has relatively low unemployment rate at 3.1 percent. People with stable employment are more likely to repay their loans. Therefore, the lenders are more willing to extend credit help to the residents in this outstanding and fantastic American state.
House expansion is a big expenditure, but is a productive one at the same time. This factor may also be used for negotiating better terms and conditions for obtaining personal loan for expanding your house.
House expansion helps in maintaining the value of the property and in many cases, may even enhance it substantially. However, the borrower should ensure that they negotiate such loans properly before agreeing to any such deal.
Best Banks for Personal Loans in South Dakota
Finding great deals on personal loans is made easy if you start with these banks:
Having 26 branches in 20 communities in the state, CorTrust Bank has 86 years of experience in the banking and finance industry.
Plains Commerce Bank
Plains Commerce Bank is built on relationships with its clients. Its employees come from the communities they serve, so the service they deliver is truly personal.
BankWest is so dedicated to customer service that they have a Performance Guarantee where you would be compensated $5 should their associates, employees, or vendors fail to meet your expectations.
TI Financial Services
Personal loans from TI Financial Services is a great alternative to credit cards. As they cater to people of different credit scores, people with bad credit are also given the opportunity to rebuild their credit over time.
Black Hills Community Bank
Despite its relatively smaller customer reach, Black Hills Community Bank has a full-service loan department where you can avail of their loan products from mortgage to personal loans.
Black Hills Federal Credit Union
With Black Hills Federal Credit Union, you can borrow up to $15,000 at as low as 9.90 APR through their personal loans which you can use for anything you want.
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.