Springfield, MO, is the perfect combination of city attractions mixed with the charm of a small southern town, nicknamed “The Queen City of the Ozarks.” Visitors can enjoy all of Springfield’s fine dining restaurants, shopping centers, and close proximity to other major cities. Those who love the outdoors have a ton of places to choose from as well. There is the Nathanael Greene/Close Memorial Park, which has many landscapes and manicured gardens to explore. The Fantastic Caverns are the only ride-through caves of the nation, which makes it more thrilling to see Missouri from underground.
Even with so much to do and explore, Springfield is actually pretty cheap to live in. Everything from housing (average value of a home being $122,200) to groceries and transportation is much cheaper than the national average. For the 169,176 residents in the state, this can be a great way to save money, as long as they make enough for their households.
Unfortunately, the median income for the city is pretty low, around $37,491. This may be enough for some people’s everyday expenses, but what about those who are vulnerable because of a lack of savings? When a short-term emergency or unexpected expense comes up, residents of Springfield can turn to loan options.
The right loan option should be fast and convenient without stripping away your financial independence! Not all loans do that job, but personal loans definitely can when working with the right lender. Personal loans are actually one of the best loan options available. They can be cost-effective, fast, and used for all kinds of costs. Below you will find more information on these loans and why they might be the best choice for your financial needs in Springfield, MO.
What Are Personal Loans?
Personal loans are usually unsecured loan options available for residents of Springfield. These are loans repaid in regular monthly installments—hence sometimes referred to as just installment loans. Monthly payment amounts will range depending on the loan amount, interest rate, and the loan period, which is the amount of time a borrower has to repay a loan. The interest rate and loan terms are determined by an applicant’s finances and creditworthiness, along with the lender or financial institution giving out the loan. Personal loans can be found at banks, credit unions, or online lenders.
Different Types of Personal Loans in Springfield, MO
When researching personal loans, you are likely to come across a few different variants. If you haven’t looked at these differences before, it will be helpful to understand them before going into a loan option:
- Secured vs. Unsecured — Secured installment loans use an asset as collateral, while unsecured loan options do not. Collateral is usually added when a borrower doesn’t meet minimum income or credit score requirements, as it adds security for the lender.
- Long-term vs. Short-term — Long-term loans are for a few months up to a few years, giving borrowers a more than a reasonable amount of time to repay them. However, this extra time can mean paying more interest during the life of the loan. While a short-term loan is usually a few months long, and so, your monthly payment will be higher. However, this also means that you will be paying off your loan faster and potentially paying less interest.
- Fixed vs. Variable Rates — Fixed interest rates stay the same throughout repayment, while variable interest rates do not change. You can have a steady monthly payment with fixed interest rates, but you may not have that chance of saving as you could with a variable interest loan. Variable interest rates will change depending on market conditions and trends. So, there is the possibility of a lower interest rate, but also the risk of a higher one!
- Good Credit Score Loans vs. Bad Credit Score Loans — Good credit installment loans are for borrowers with a good to excellent credit score, usually a score higher than 640. While poor credit installment loans are for borrowers with a credit score lower than that number. Loan amounts, interest rates, and repayment terms will vary depending on your credit scores and other factors like your income and ability to pay.
How Do I Know One of These Loans Is Right for Me?
Personal loans work best for borrowers who have a short-term emergency and need some extra help while they get back on their feet. Or if they need to finance a significant expense or purchase and want to repay it in monthly installments. Personal loans or any type of loan option isn’t the best idea for long-term financial hardship. It can mean missing payments, defaults, stress, hurting your credit score. In some cases, you may even find yourself stuck in a cycle of debt.
What Do I Need for a Personal Loan in Springfield, MO?
The convenient thing about personal loans is that you really don’t need a lot to be approved. The basic requirements will include having a bank account (or checking account with any other type of depository institution–credit unions, saving banks, etc.).
Lenders will also ask about your income, and you don’t have to have a traditional 9-5 job. Income types like self-employed income, social security income, and even grants or rewards may be acceptable.
The last significant requirements will be verification of your identity and permission to conduct a credit check. Some lenders may not require a hard credit check—one that impacts your credit scores—until the very end of the inquiry process.
When applying for a personal loan, you’ll need some documentation:
- A government-issued ID (driver’s license, passport, military ID, state ID, etc.)
- Social Security Card or Taxpayer Identification Number (TIN)
- Proof of income (bank statements, pay stubs, letters of income, etc.)
- Proof of residency (mail, bank statements, utility bills, lease or mortgage statements)
What Are Some of the Benefits of Personal Loans in Springfield, MO Compared To Other Loan Options?
A Personal loan has tons of benefits, which are especially apparent compared to other loan options. Here are some of the advantages of personal loans over different types of lending, along with standalone perks:
A Personal Loan vs. A Credit Card
Although credit cards can be convenient, more times than not, personal loans will likely be the better choice. You could get a better interest rate than a credit card with one of these loans, especially if you have a high credit score and good credit history. Borrowers with bad credit may not be approved for a credit card at all.
Not only that, but with a credit card, because it is a revolving account, it can quickly lead to significant credit card debt, which can be extremely difficult to get out of. In fact, many people have to turn to professional help or use different strategies to get out of debt—which can cost time and money! And so, If you don’t have the best financial habits, stay away from credit cards.
How a Personal Loan Beats a Payday Loan
Payday loans are straightforward to qualify for, and you don’t need a lot when taking out a payday loan. A payday loan is a short-term loan that provides small amounts of money. Most lenders will just ask for proof of income and a valid ID. Although these loans are fast and convenient, they only make a few hundred dollars available for an extremely short period, about two weeks. In that small time frame, a borrower will have to pay the amount borrowed and the extremely high-interest rate that comes with these loans. In comparison to payday loans, with bad credit personal loans, you could get more time to repay, borrow more, and get a lower interest rate!
A Title Loan vs. A Personal Loan
A title loan is a type of secured lending which uses the borrower’s vehicle as collateral. Lenders will focus on the value of your car and the applicant’s ability to repay a loan. You can be approved for one of these loans even if you have bad credit; however, you will need to have a working vehicle registered in your name that meets specific qualifications. Title loans have incredibly high-interest rates, averaging around 300% to 400% of the loan amount. Not only that, you could risk your vehicle if you miss any payments or default altogether. When looking for a bad credit loan option, personal loans are the better choice. You don’t always have to use collateral, and the interest rates are much lower.
Cash Advance Loan Options vs. Personal Loans
A cash advance can be a credit card cash advance or a cash advance loan. Although these options can seem convenient, you’ll pay a ton in interest rates and potential fees. In most cases, you may not get as much money as you need for medium to large expenses. Check out personal loans in Springfield, MO, for lower rates, minimal fees, and potentially larger loan amounts.
Other Benefits To Look Forward With Personal Loans in Springfield, MO
In addition to low-interest rates, not requiring collateral, and approval with bad credit scores, personal loans come with other benefits; here are some:
An Easy Loan Application Process
The loan application process for these loans is extremely simple! With many lenders, you may be able to apply online, making things even easier and faster. You will have to complete a loan application and send in some documents to apply. Once you are done with the application process and submit your info. A lender will contact you to let you know about approval. Once approved, go over the loan terms and sign. The funds can then be transferred to a bank account, picked up at a location, or mailed to you as a check.
Flexible Repayment Terms
With all the different repayment options available with personal loans, you can rest assured that you are bound to find something that works for your finances. And so, whether you need a short-term loan, a loan with a low credit score, or fixed monthly payments, a personal loan can help you cover personal financial challenges. All without having to worry about creating new ones.
Find Out About Approval Quickly in Springfield
After applying for a loan, your lender will let you know about approval reasonably quickly. You may have to wait a week or more when working with other loan options. However, a personal loan usually takes a few days to process, and you will know whether you are approved. This gives you the freedom to weigh out your options, even during an emergency.
Use These Loans To Take Care of a Variety of Financial Issues
You can use the funds from a personal loan for all kinds of expenses. Here are some reasons why people take out a personal loan:
- Car repairs.
- Debt payment obligations.
- Home improvements and home repair.
- Rent or mortgage payments.
- Family care.
- Credit score repair.
- Moving expenses.
- Funeral expenses.
- Wedding costs.
- Veterinary bills.
- Medical bills.
- Down payments for large purchases.
- Emergency travel costs.
- Recovery after a natural disaster.
These are just a few of the different reasons to give when taking out a personal loan. These loans are incredibly versatile, and you can use them for almost anything.
Why Choose CreditNinja for a Personal Loan in Springfield, MO?
When researching loan options, you will likely come across several financial institutions you can apply with. It may become difficult to filter through banks, credit unions, and online lenders to pick the best one. Well, at CreditNinja, we believe that we are the best choice! Here are some of the perks you could look forward to with our loan options:
- Apply even with a low credit score.
- Get approved funds directly deposited into your bank account, typically within one business day
- Apply beyond regular business hours, on the weekends, and on holidays.
- We have no pre payment penalties or hidden fees.
- Get through our application in just a few minutes.
- Our customer service team is human, helpful, and totally focused on you!
- Never borrow more money than you need, even if you qualify.
- Pay easily and quickly after you borrow from us.
- We have helped thousands of customers!
And so, as you can see, we are the best place to start when searching for loan options in Springfield! Get started right away, and once approved, you could have the money you need in no time!