Find the Best Personal Loan for Your Needs
Michigan is a Great Lake state located in the country’s mid-western area. The region is made up of two peninsulas with 41.5% of the area occupied by lake water.
The Wolverine State does have a city called Detroit which was destroyed by anti-business policies but this state is doing much better than New York and Illinois which are anti-business and seeing businesses flee year after year.
The state economy is thriving due to many industries such as automobile, manufacturing, furniture, mining, information technology, aerospace, and tourism and also because taxes are getting lower and this state is not anti-business like California and so on as already mentioned. It is also the country’s largest producer of Christmas trees with 600,000 acres used for this purpose alone.
Michigan also ranks 3rd in the country in in R&D expenditure. Needless to say, it is also home to some of country’s finest institutions such as Michigan State University, University of Michigan, and Wayne State University.
Highly developed and mature economy of Michigan provides ample of employment opportunities to its residents. Its median household income is $45,981 and unemployment rate of 8.3%.
However, despite its stable economy, residents of Michigan often need additional support to pay for their higher education or meet their financial goals. This is where personal loans come in handy. These low-interest rate loans have helped many citizens cater to their immediate monetary requirements with relative ease.
Personal Loans for Students
To study in college is an expensive affair. Tuition fee and living expenses are just a tip of the iceberg! There are plenty of other costs that no one ever talks about.
As a student, you not only have to manage your tight college schedules, but also have to handle your expenses. At one point, every student feels burdened by the pressure of overheads such as car maintenance, utilities, rent etc. With all these expenditures looming over their head, it is only a matter of time when they start feeling exhausted, juggling between college and part-time jobs.
To ease the pressure, many undergraduates consider taking out a personal loan to help them cover the extra costs. Personal loans are easily available that allows you to take control over your expenses and pay the amount back in easy installments over a period of time.
If you need some extra cash to get by, consider taking personal loans over using your credit cards that are more expensive. Make your choice of personal loans judiciously after reviewing a stellar personal loans website for relevant information.
Best Banks for Personal Loans in Michigan
Get a personal loan in Michigan with these banks:
With $16 billion in assets, Flagstar Bank is one of the best banks in the state. You can also reduce your existing APR with them by setting automatic payments from your checking account.
Aside from their checking account with no minimum balance required, the Independent Bank also fares well with personal loan seekers that you can apply for online or in-branch.
Ranking highly in mortgage, auto loan, checking, and other services, Isabella Bank is a popular option if you want to do your banking all in one bank.
Bank of Ann Arbor
While the Bank of Ann Arbor requires quite a hefty minimum balance to maintain your saving and checking accounts, it does have great personal loan programs available.
Level One Bank
Level One Bank takes it to the next level with a free checking account, online banking, and free bill pay. With these features, it is a terrific choice for those wanting convenience without any extra charges.
Sterling Bank and Trust
Offering a wide variety of loan products, Sterling Bank and Trust proves itself to be a good bank to build a good relationship with.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you're absolutely sure you can pay it off quickly.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.