The city of Lake Charles, Louisiana, is home to about 84,872 people. In this city, the average household income is $44,785 a year. When it comes to housing in Lake Charles, LA, the average rent residents pay is $830 a month. The average mortgage amount for a homeowner is $1,179 a month. Unfortunately, about 21.4% of residents live in poverty, leaving many people looking for loan places in Lake Charles.
If you are thinking, “I’m tired of being broke, what can I do?” rest assured, there are plenty of loan options available to you! Keep reading to learn about the different types of loans, lenders, and kinds of funding available for people who live in Lake Charles, Louisiana!
What Types of Loans Are There in Lake Charles, LA?
The first step to finding the right lender is to figure out what type of loan you want. Depending on your financial needs, you may find one of these particular Loan types will work best for you.
Long-term vs. Short-term
Think about how much funding you need and how long you would like to pay off your balance. If you only need a few hundred dollars, you may be able to make a short-term payment plan work. But, if you are looking for a larger loan amount or would like a flexible payment plan, a long-term loan option may be the best choice for you.
Unsecured vs. Secured
After you have decided if you would like a short-term or long-term loan, think about any property you would be willing to use as collateral. If you own a home, vehicle, or another piece of property with significant equity, you may consider a secured loan. Secured loans are funding that requires collateral. The collateral offsets the financial risk lenders take when they extend funding, making secured loans a popular option for people with extremely low credit scores.
Unsecured loans are funding that does not require the borrower to put forth any type of collateral. Instead, lenders look at the financial history and credit score of applicants to decide if they are an adequate lending risk.
One Time Deposit vs. Revolving Lines of Credit
Another choice you will have to make is how you would like access to your funding. Think about what you plan to use your loan for. Is there just one expense you are looking to take care of? In that case, a one-time deposit may be enough to cover your financial needs. Funding like personal installment loans comes in a single deposit to the customer. However, if you foresee several upcoming expenses and don’t know how much or when you will have to pay for them, a revolving line of credit may better be able to fit your needs. A revolving line of credit is recurring funding that is available to the borrower if ever and whenever they need it. Credit cards are a great example of revolving lines of credit.
Loan Places Your Can Find Funding in Lake Charles, Louisiana
Once you know the type of loan you want to get, you can start to look into the different financial institutions that offer loans in Lake Charles, LA. Below is more information on some of the most sought-after Lake Charles loan places.
Banks
One of the most conventional ways to find funding in Lake Charles, LA, is through a traditional bank. Depending on your credit score, you may be able to find a loan through a local branch of popular banks like Chase, Citibank, Wells Fargo, Bank of America, or PNC.
Since banks are conservative, traditional lenders, they are usually totally focused on the credit scores of their potential customers. Chances are, you will only receive loan offers from a bank if you have a high credit score and a clean credit history.
Credit Unions
A credit union is another place you may be able to find a Lake Charles loan. Two popular credit unions with a Lake Charles location are the Southwest Louisiana Credit Union and the CSE Federal Credit Union. You can go to the websites of these places to see their individual business hours and addresses.
Keep in mind that credit unions are different from retail banks and have qualification requirements of their own. With a credit union, borrowers typically must meet a specific set of criteria in order to qualify for funding. For example, many credit unions require borrowers to live within a particular area or be a part of specific groups.
Private Direct Lenders
A pirate direct lender is a lending institution that distributes funding directly to qualified borrowers. Borrowers then work with the private lender directly when it’s time to pay off their balance. Private direct lenders may offer personal loans, payday loans, secured loans, unsecured loans, and other financial products.
What Kinds of Funding Is Available in Lake Charles, LA?
Below is more information on your different financing options in Lake Charles, LA.
Payday Loan in Lake Charles
Payday loans are a form of fast cash available to essentially anybody. Some lenders offer payday loans online and in person. So, even if you don’t have internet access, you may still be able to get a payday loan.
Before you get a payday loan, know that the interest rates with this type of funding tend to be on the higher side. Sometimes, interest rates for payday loans can reach the triple digits. Furthermore, payday loans also come with extremely short payback terms. Lenders usually expect payday loans to be repaid within about two weeks or less.
Personal Installment Loans in Lake Charles
Personal installment loans are a great alternative to payday loans. Instead of giving you just two weeks to pay back your loan, installment loans can provide borrowers with weeks, months, or more to pay back their balance. With installment loans, borrowers receive their funding in one lump sum and pay back their loan in fixed monthly installments.
Credit Card Cash Advance in Lake Charles
You may consider a credit card cash advance if you want to forego a traditional loan altogether. With a credit card, you can take out cash and borrow against your Credit limit. Credit cards are helpful because your credit limit renews each month. But, credit card debt is a legitimate issue for many Americans. So, before you take a credit card cash advance, make sure you are able to pay back your total balance in a timely manner. Also, if you do not already have a credit card, you will have to fill out an application and apply for one.
Title Loans in Lake Charles
Title loans are a secured loan option that requires the borrower’s car title as collateral. During a title loan, the lender will sign onto the borrower’s title as a lienholder, giving them partial ownership over the vehicle for the loan duration. Then, once the borrower pays back their balance, the lender may remove themselves from the vehicle title. But, if a person misses payments or defaults on their title loan, they risk having their vehicle repossessed by the lender.
Title Pawn in Lake Charles
A title pawn is another way to use the equity in your vehicle to get money. Title loans differ from title pawns in that a title pawn requires the borrower to completely give up their vehicle for the duration of the loan. The borrower may only get their vehicle back after they have completely repaid the pawnshop owner. So, if you rely on your car for everyday commuting, a title pawn may not be an excellent choice for you.
Can I Get Personal Loans in Lake Charles, LA, if I Have a Low Credit Score?
If you have a bad credit score, you may be thinking your only attainable funding options are car title loans or fast payday loans online. Thankfully, this isn’t the case! Personal installment loans are convenient and versatile funding designed to help people with all kinds of credit histories.
The credit criteria for most personal installment loans are kept general. Instead of focusing on your credit score, installment lenders look at other factors like your income, payment history, ability to repay your loan, etc. Just because you have a less than perfect credit score doesn’t mean you shouldn’t have access to affordable funding when personal financial challenges arise.
In fact, when you use a personal installment loan properly, you may see an increase in your credit score over time! Habits like making your monthly payments on time and paying off your balances reflect positively on your credit report. When credit bureaus see this positive data, it’s an indicator that you are a responsible and reliable borrower and may result in an increase in your credit score. When your score is higher, you have a better chance of finding approval for lower interest rates and higher maximum loan amounts in the future!
How To Get a Personal Loan in Lake Charles, Louisiana
Want to know how getting a personal loan works in Lake Charles, LA? No problem! Here is what you need to do.
Step One for Personal Loans in Lake Charles, LA: Fill Out a Loan Application
Begin the personal loan process by completing an online inquiry form. This application will ask for info like your name, address, requested loan amount, and a few other financial details. After completing your inquiry form, your lender should reach out with your approval status shortly.
Step Two for Personal Loans in Lake Charles, LA: Send Your Documents
Next, your lender will request some documentation to confirm your information. The documents your lender may ask for are:
- Government-issued photo ID, like a driver’s license
- Proof of income
- Bank account information
- Proof of Lake Charles residency
Step Three for Lake Charles Personal Loans: Get Paid!
The last step of the process is to sign your contract and get your money! If you gave your lender your bank account info, they could deliver your funds directly to your account! Direct deposit is by far the fastest way to receive money from a personal loan.
Benefits of CreditNinja Personal Loans in Lake Charles, LA
CreditNinja wants to help take care of your financial needs with helpful online loans. Take a look at just some of the benefits Lake Charles residents can enjoy when choosing CreditNinja.
Convenient Rates and Flexible Terms
CreditNinja uses current market research to ensure that borrowers are able to receive some of the most competitive interest rates in the industry. Also, during the loan process, you can work with your loan agent to decide upon a payment plan that works for your individual budget. Whether you need a few weeks, a few months, or longer to pay back your loan, CreditNinja has you covered.
Fast Cash In Your Bank Account
With CreditNinja, you get your approved loan amount at ninja speed! After you have signed your contract, you should expect funds as soon as the very same or the next business day!
No Hidden Fees
CreditNinja will never tack on unnecessary charges like balloon payments or pre-payment penalties to your loan deal. You have the freedom to make your monthly payments any time on or before your due date with no penalty whatsoever!
Bad Credit Is Ok
CreditNinja understands that not all applicants have a perfect credit history, which is why we keep our qualification requirements light. If you have poor credit, no credit, or even past bankruptcy in your history, you may still be able to qualify for a CreditNinja personal installment loan. Lake Charles, LA residents of all types of credit scores are encouraged to apply!
Excellent Customer Service
The CreditNinja company is proud to have a knowledgeable team of loan agents ready to answer any questions you may have about your installment loan. You can reach CreditNinja loan experts on the phone any day of the workweek. Feel free to call to get the answers you need!
Free Financial Resources
Looking for more information about credit scores, checking accounts, or other aspects of your financial situation? CreditNinja has your back! Check out our awesome blog for free financial content, available 24/7!
Get your life together and your finances in order once and for all. Fill out the quick CreditNinja loan application online to see how much money you qualify for today!
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References
¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.