Florida's warm climate has always been one of its biggest attractions for those who decide to spend their golden years after retirement. However, this state also flourishes due to its booming economy.
When it comes to hiring personal and payday loans in Florida, even with no credit check, we have developed this small guide, so you know what to expect.
Where to find personal loans in Florida?
As in most of the most prosperous states of the American union, in Florida there are many options to obtain secure financing. Among the most popular alternatives, credit unions, traditional banks and payday loans lenders.
If you want a faster process and less paperwork, you can review the offers available on the internet from lending companies and online credit platforms. Whether you need to consolidate debt, get a quick loan or a car title loan, the Sunshine State will not disappoint.
What can you use the loans for in Florida?
The need for additional money is common to all people who at certain times do not have sufficient liquidity. As this applies to a majority, in the state of Florida the reasons for resorting to this resource are usually:
- Medical expenses. It is not uncommon for the costs of maintaining health to rise year after year. In fact, a policy costs an average of $285 a month and about $3,400 a year. Due to the increase in prescriptions, surgical procedures and emergencies, people are increasingly turning to personal loans in Florida.
- Vehicle repair. Although the figures are similar in other states, a major repair can cost you up to $2,450 and an "engine overhaul" costs an average of $385. Those who cannot afford these expenses usually resort to personal loans.
- Home arrangements. Whether due to severe weather conditions, natural disasters, or maintenance, homes need repairs. Replacing a roof or replacing an air conditioner can cost quite a bit, making financing an important resource.
- Debts related to consumption and credit cards. Statistics indicate Floridians rank fifth in average credit card balance with 5,603 debt. They also have 4 of the 25 most indebted cities for this concept: Miami, Orlando, Tallahassee and Jacksonville.
Some of the best banks for personal loans in Florida
We would like to close this brief guide with some recommendations on entities in Florida recognized for their very attractive conditions. In this list stand out:
- TD Bank. This institution offers you from $2,000 to $50,000 USD to spend as you wish. If you want it in less than 2 business days, you'll have to limit yourself to $25,000 or less. Terms go up to 5 years and those who are customers can get a 0.25% discount when accepting automatic payments.
- Truist Bank. Through their online division LightStream, you can get from $5,000 to $100,000 with very flexible conditions. You just have to apply online, fill out a few forms and you have different options to customize your monthly payments.
- Fifth Third Bank. If you are a client of this bank (savings or checking account), you have access to financing of up to $25,000 payable between 12 and 60 months. In addition, you can decide if you pay the first installment in 45 days or before.
In the list above we analyze the best personal loans you can find in Florida, so you can compare and choose the one that best suits you according to your financing needs.
Facts about the state of Florida
Known for its geographical location at one end of the Gulf of Mexico and its proximity to Cuba, Florida is one of the most populous states, with just over 21 million inhabitants.
“The Sunshine State” is also well known for hosting many celebrities, billionaires, retirees, and Cuban refugees.
The mix of races is so varied in this part of the country, that in addition to English and Spanish as the dominant languages, there are another 200 more in Floridian homes. With an almost tropical climate, coasts that do not end and a great diversity of influences, the fascination for this place is not surprising.
In economic terms, Florida is ranked as the 4th largest economy in the US, generating $1 trillion dollars. This is not reflected in the same way in the average income per person, which is located at $52,594 (40th place).
It is one of the few states that does not impose personal tax and its economy is based on world-famous tourism, agriculture, transportation and amusement parks.
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