Wisconsin personal loans

Wisconsin is the leading producer of cheese in the US. The economy of this state is driven by agriculture, manufacturing, and healthcare, producing a gross state product worth $348 billion.

Roughly 29% of Wisconsin businesses have payroll employees, while the remaining 71% are non-employers, partnerships, or sole proprietorships without payroll employees (this doesn’t include farmers). New start-ups create more than 25% of all jobs, which is the largest share of jobs compared with businesses of other age groups.

In Wisconsin, 91.9% of residents aged 25+ years have gone through high school or higher, and 29.5% have a bachelor’s degree or higher. Households in the state typically make $59,209 annually, while the poverty rate stands at 11%.

As Wisconsin’s economy continues to thrive, residents may enjoy higher incomes while also facing higher costs of living. In some situations, financial assistance in the form of personal loans may help meet unexpected costs. In case you are looking for a quick financial boost, online personal loans in Wisconsin may be the right solution.

Wisconsin Personal Loans

One popular option for a personal loan in Wisconsin would be an installment loan. That means that lenders offer you a fixed amount of money, which you pay back with interest and fees in monthly installments. Common loan terms range from three to five years.

TransUnion’s consumer credit report of 2019 indicated that personal loans are the fastest growing form of consumer lending in the US, growing by 19.2% in Q1 2019 year-over-year. Personal loan balances have almost doubled in just four years, rising from $72 billion in 2015 to $143 billion at the beginning of 2019.

Installment loans are different from revolving credit, since the lender closes your account once you pay your loan in full. Revolving credit allows you to take out more credit — up to your credit limit — when you repay the amount of money you borrowed. If you need more credit with an installment loan, you need to apply for a new loan.

Since lenders don’t restrict your use of personal loans, you can use the money for various types of expenses like:

• Consolidating other debt: If you qualify for a personal loan at a lower interest rate than that of your credit cards, you might save money by paying off your credit card debt using your personal loan. You can also pay off several cards with a personal loan so you can make just one payment each month instead of having to keep track of several due dates.
• Paying medical bills: The average cost of “surprise” medical bills rose from $220 to $628 between 2010 and 2016. Therefore, if you don’t have sufficient savings to address an emergency medical bill, you may consider taking out a personal loan.
• Clearing tax debt: Clearing tax debt with a personal loan may be an option, if you can’t get an IRS installment agreement, or the personal loan interest rate and fees work better for you compared to paying interest and penalties on your taxes.
• Covering moving expenses: The average cost for a move of more than 100 miles ranges from $2,000–$5,000. If you don’t have cash on hand, a personal loan can help deal with that type of expense.
• Handling pet care costs: You may get unexpected veterinary expenses for your dog or cat, which cost on average between $800 and $1,500. With a personal loan, you may be able to pay for the expenses without busting your budget.

An online personal loan can come in many varieties. You can  select one that best suits your needs and offers favorable terms for your situation. The common types of personal loans include:

• Unsecured personal loans: Borrowers don’t need to provide collateral for an unsecured loan. Instead, lenders offer this type of loan based on your credit worthiness.
• Quick cash loans: Often referred to as payday loans are short term solution with typically high APR.
• Secured personal loans: Since these loans require collateral, you may qualify for lower interest rates.
• Peer-to-peer personal loans: This type of loan is funded by multiple individual investors instead of a financial institution.
• Co-signed personal loans: The cosigner agrees to make payments on the loan in case you default. You are also likely to qualify for a lower interest rate, based on the co-signer’s good credit score.

Lenders usually apply simple interest on personal loans, which is different from compound interest. Simple interest only applies to the principal amount, unlike compound interest, which applies to both the principal as well as the previously accumulated interest.

Moreover, lenders often use an amortization schedule in applying your monthly payments to both interest and reducing your principal. In the amortization schedule, a greater portion of the initial payments will go toward interest and, as you get closer to the end of the loan term, a greater portion of the payments will be used to reduce the principal.

As an example, here’s a sample amortization table showing the first and last three monthly payments on a 5-year $10,000 loan at a 17% interest rate:

Personal loans offer several benefits, including:

• Getting money fast – Often, approval for a personal loan is quicker than with a conventional loan.
• Convenient access to online lenders – Availability of personal loans through online lenders makes the loans conveniently accessible, since you don’t have to visit a physical location.
• Clear lending terms – A personal loan will typically offer fixed interest rates, fixed repayment periods, and fixed monthly payments, making the terms easy to understand.
• Extensive range of loan amounts – Borrowers can receive as little as $1,000 to as much as $100,000, depending on the lender, their needs, and their unique financial situation.
• Favorable interest rates – If you have a good credit score, you can get a personal loan interest rate as low as 6%, which is lower than the average credit card interest rate of 17.31%.
• No risk of losing assets – Since unsecured loans don’t require collateral, you won’t risk losing your assets if you default. However, take note that there are other negative consequences if you fail to repay your loan.

Personal loans are available across multiple cities within Wisconsin. Here are some of the top cities where you can access this type of credit.

Top 10 Cities in Wisconsin

Wisconsin currently has a population of 5,822,434, and the top 10 cities — by population count — within the state are:

1. Milwaukee – With 592,025 people, Milwaukee is the most populated out of 779 cities in Wisconsin.
2. Madison – Madison is the second most populated city with 258,054 people living in it.
3. Green Bay – The 104,879 people in Green Bay have a median household income of $45,473.
4. Kenosha – This city has a population of 100,164, and a median age of 35.3 years old.
5. Racine – In 2017, the median household income of the 77,432 Racine residents was $42,590.
6. Appleton – Appleton is the 6th most populated city with 74,526 residents living in it.
7. Waukesha – The 72,549 residents in this city have a median household income of $61,380.
8. Eau Claire – This city has a population of 68,866, with a median household income of $47,660.
9. Oshkosh – Oshkosh is the 9th most populated city in Wisconsin, with 66,729 residents living in it.
10. Janesville – The median household income of the 64,565 Janesville residents is $52,617.

Now that you know what personal loans are and where you can access them, you need to know how to go about taking out a personal loan.

How to Take Out a Personal Loan in Wisconsin

Unsecured personal loans largely rely on your credit worthiness, so it is a good idea to check your credit score beforehand. If you have a poor credit score, try to improve it where possible, since a good credit score can improve your chances of getting a lower interest rate.

You can improve your credit score through the following strategies:

• Paying your bills on time
• Keeping balances low on your credit cards and other revolving credit
• Not applying excessively for new credit
• Disputing inaccuracies on your credit report
• Negotiating with creditors to remove negative items on your credit report

When applying for a loan, provide all relevant documentation to show your credit worthiness. This includes bank statements and pay slips.

When the lender offers you a personal loan, carefully evaluate the terms. Check how much of your monthly income will be taken up by the monthly payments. In some cases, you may need to cut back on your monthly expenses to have extra cash to repay the loan.

Don’t just consider the interest rate, but also check the annual percentage rate (APR) which includes both the interest rate and other fees. In addition, evaluate things like potential penalty fees and how they may apply.

You can benefit from taking out personal loans offered by lenders that don’t have penalties like prepayment fees. Without a prepayment penalty, you’ll have the option to repay your loan early without extra costs. This way, you’ll pay less interest over the life of the loan since the interest would only apply for a short duration before the loan is paid in full.

Why Should You Choose CreditNinja?

CreditNinja offers a convenient online lending platform, so you can easily access personal loans. The application process requires only basic details of personal information, including:

• Your social security number and employment details
• Your income and checking account details
• Your credit history and payment history

Another benefit of choosing CreditNinja is simple eligibility requirements. Our personal loans are accessible to many potential borrowers. In order to apply, you must fulfill the following eligibility requirements:

• Be a minimum age of 18 years old
• Live in a state where CreditNinja offers a loan product
• Show that you are not covered under the Military Lending Act (“MLA”), which includes qualifying active duty service members and dependents
• Receive direct deposit paychecks and regularly deposited income into a checking account
• Prove that you have a traditional bank account with a 60-day history.

Lastly, we’re dedicated to fast service, so you may get confirmation of your loan application approval within one business day. We can often provide funding for the next business day as well.¹

When you’re ready to apply for a personal loan from CreditNinja, follow this simple 3-step process:

1. Check your eligibility.
2. Fill out our online form to see whether you qualify.
3. View your personalized loan amount and repayment terms before signing.

You can complete the application process with a computer or Smartphone, without leaving your house. Apply today for a personal installment loan from CreditNinja!

References

1. Customer Credit Check | TransUnion
2. Assessment of Out-of-Network Billing for Privately Insured Patients Receiving Care in In-Network Hospitals | Emergency Medicine
3. Payment Plans Installment Agreements | Internal Revenue Service
4. How Much Do Movers Cost? (2022) | ConsumerAffairs
5. Are you prepared for a pet emergency? Most Americans are not
6. Best Personal Loan Rates for April 2022 | Bankrate
7. What’s a Good Interest Rate for a Personal Loan? – Experian
8. US Census Bureau QuickFacts: Wisconsin
9. Wisconsin Cities by Population
10. How to Improve Your Credit Score Fast – Experian