Personal loans continue to grow as one of America’s favorite tools for navigating financial obstacles and financing large purchases. In the last quarter of 2023, around 22.7 million Americans took out a personal loan, an increase of 8% from the previous year.
But the institution you take personal loans from can make as much difference as what you do with it. When searching for a personal loan, many customers experience difficulty with issues like inflexible repayment terms, lack of communication from the lender, and punitive interest rates.
Equity Bank provides a better way forward, and Wichita residents are taking notice.
Personal Loans in Wichita
As it stands, Wichita residents have an average personal loan debt of $18,093 at an interest rate of 9.92%. Both the average amount and interest rate on these loans are well above the national average, which hover around $11,000 and 8% respectively. These statistics suggest that Wichitans are more in need of personal loans than the average American, but are at the mercy of institutions who take advantage of that need by charging inflated interest rates.
Using Personal Loans
Personal loans can be used in a number of ways. Some of the most popular include:
-
Debt Consolidation:
Many times, people will take out personal loans in order to consolidate their debt at a lower interest rate. Medical bills, credit cards, and other high-interest debts can be paid off with a lump sum. This method also makes payments easier to manage, as you only need to remember one payment per month
-
Home Improvement:
Making big additions to your house can cost a lot. Personal loans can help you kick projects off with a solid budget and add value to your home or investment property.
-
Other Big Purchases:
You can get a loan to buy boats, computers, furniture, or whatever else you can think of. Many times, personal loans help people jump on opportunities that they may not have if they took time to save up.
Why Equity Bank Personal Loans are Different
Equity Bank breaks the mold for Wichita residents interested in getting a personal loan. Our community-first attitude has always led the way when it comes to finding rates and terms that fit the needs of our members.
You can apply for and get approved for a personal loan from Equity Bank quickly, allowing you to get the financing you need for purchases and projects that just can’t wait. We also offer flexible terms, allowing you to structure payments in a way that fits your budget and keeps you on track for your financial goals.
Most importantly, Equity Bank offers competitive rates for personal loans to help you save money and feel more confident in tackling life’s big financial challenges. Personal loans from Equity Bank average 8%, almost 2% lower than the Wichita average. We also offer comprehensive support for our members, meaning if you have questions or concerns about your loan, you can stop in or call any time for a word with one of our talented team members.
Explore Equity Bank personal lending options and find the solution for your financial goals.
Apply For an Equity Bank Personal Loan
Getting started on your Equity Bank personal loan application is as easy as clicking a button. Our online application is designed to be quick and painless, saving you valuable time.
Once you’ve submitted your application, you can expect to hear back from Equity Bank within around 5 business days. If approved, you can begin tracking your loan status and payments through our mobile application, so you’re never caught off guard.
Equity Bank Helps Empower Wichita Members
By providing great rates and friendly terms on personal loans, Equity Bank is helping Wichita residents make their dollar reach a bit further. If you’re looking for an alternative to big national banks, reach out today and see which Equity Bank services are right for you.
You can also use our online tool to find your nearest Equity Bank location. We’re always happy to help our members face-to-face.