The state of Washington is one of the largest states in America and it is also one of the most populated states in the country.
With its median household income level at $64,129, Washington handily races past the national median household income level of $55,775 but since its taxes are so high, most people do not feel that wealthy since they lose so much of it to the government.
However, a high-income level does not preclude the popularity of personal loans in the state and this harkens back to what was just said. Since taxes are so high and the cost of food in Seattle is so high because businesses have to artificially raise prices because of high minimum wage rules, it is expensive to live in this state’s largest city.
The state of Washington is a solid market for personal loans as people endeavor to spend money on discretionary expenses, without jeopardizing their liquidity position.
The lenders are also willing to extend their credit service in the area as Washington residents need this service to pay for the high cost of living in this struggling state. Here are some reasons why the people in this state need access to personal loans.
Personal Loan for Luxury Purchases
Washington residents have higher incomes in comparison to their peers in other states but as already state this does not mean much since they are faced with higher taxes. Washington residents are still willing to make luxury purchases though since some of them are making lots of money working in the tech sector.
However, such luxury purchases may require high upfront payments, which may mess the liquidity position of most of the people. In such cases, this is where personal loans come into the picture.
With personal loans, people can make luxury purchases without affecting their cash position. Personal loans are required to be repaid in convenient installments over a period of time.
Such repayments mean that people can maintain the balance between their cash inflows and outflows. Furthermore, Washington residents also generally receive favorable terms and conditions on their personal loans as they have better credit histories and therefore are less risky.
Personal Loans for Buying a House
While income level in Washington is on the higher end of the spectrum, the cost of living is also high in the state. The housing prices, in particular, are high. The typical value of a house is $284,000 which almost leads the country. It does not help that food costs so much here because of high labor costs because of a ridiculously high MW.
Therefore, many people may have to take a personal loan to bridge the gap between the house price and their mortgage proceeds and to maintain a decent level of living.
While personal loans are generally more expensive than a regular mortgage for a house, many times, such loans may be inevitable. In addition, the use of personal loans for buying a house is sometimes the only way to go. However, the borrower should ensure that they negotiate their loans properly.
Best Banks for Personal Loans in Washington
Getting the best deals on personal loans is a done deal with these banks in the state:
Evergreen Direct Credit Union
Evergreen Direct Credit Union is partially owned by each of its members. Thus, all its products including personal loans are what you collectively deem is the best for your interests.
Ranked 35 in Forbes’ 100 Best Banks in America, Banner Bank started as a small thrift in 1890. Its services are built on honesty and integrity as well as quality and mutual respect.
WSECU may only have 23 branches across the state, but it utilizes technology to its fullest extent by making their services available online as well.
Washington Trust Bank
Washington Trust Bank is able to set its sights to its long-term goals instead of constantly producing quarterly results as a benefit of being an independent and privately-owned bank.
The Bank of Washington
Founded in 1996, The Bank of Washington may be a new player in the field, but it is already one of the best places to get a personal loan due to quick approval time and competitive rates.
Bank of Washington
Offering a variety of personal loan products, the Bank of Washington allows you to get just the funding you need as the type of loan you’d get already estimates the loan amount required.
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.