Personal loans Stockton, CA

Stockton, a mid-sized city in California, took second place in a national list of financially healthy governments, according to the California Policy Center. That achievement is even more remarkable since Stockton used to be bankrupt. Now, however, it’s so well managed that it has a surplus of $3,000 for every taxpayer.

Although Stockton is currently excelling in its economic recovery, the unemployment rate — which stood at 5.7% in August 2019– has yet to match the wider California rate, which was 4.1% during the same month. Fortunately, the estimates for employment, hours, and earnings of workers have increased significantly since 2011.

Another unique characteristic of Stockton is that the city has a lower house ownership rate compared to the rest of California, despite having lower housing costs. Stockton has a 47.8% homeownership rate, with a median home value of $220,600. On the other hand, California as a whole has a 54.5% homeownership rate, with a $443,400 home median value. And the median household income in Stockton is $48,396, compared to California’s $67,169.

What Are Personal Loans?

A personal loan is a loan, either secured or unsecured, that individuals can get through banks or other financial companies, and is used for personal purposes.

When you apply for a personal loan, the lender will likely review the following to make sure you’re a trustworthy borrower:

• Credit score
• Credit history
• Income level
• Repayment capacity
• Employment history
• Debt-to-income ratio

All these factors may have an affect on the cost of the loan and the loan’s APR (annual percentage rate, which includes interest and fees). The good thing about a personal loan is that they can be used for a wide variety of reasons.

Personal Loans for Debt Consolidation

When considering a personal loan for the purpose of debt consolidation, you should check to see if the new monthly payment for the personal loan will be lower than your current monthly payments. Debt consolidation provides the ease of only having to manage one debt rather than multiple ones.

Loans for Unplanned Emergency Expenses

When you experience an emergency, and your savings cannot cover all the expenses, a personal loan can provide extra money quickly. Such emergencies may include unexpected medical bills or vehicle repairs.

References

1. https://newsroom.transunion.com/fintechs-continue-to-drive-personal-loans-to-record-levels/
2. https://www.bls.gov/eag/eag.ca.htm
3. https://data.bls.gov/timeseries/SMU06447000000000001?amp%253bdata_tool=XGtable&output_view=data&include_graphs=true
4. https://www.census.gov/quickfacts/CA