Why Rural Borrowers Are Looking for Line of Credit Loans Online

When you don’t live in a bustling city center, your options for just about everything are limited — from the one grocery store in town to the single doctor’s office. Even the banks in your area may be few and far between, which can make managing your finances challenging these days.

If you’re looking for a line of credit in rural America, going online for financial assistance offers a more convenient option. Here’s why:

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1. You Don’t Need to Travel

If you live in a traditionally rural state like Michigan, the size of your town can complicate getting a line of credit.

The problem with Michigan is its size. If you count the state’s 10,000 lakes when calculating land mass, it takes up a whopping 96,713 square miles, marking it the 11th largest state in the country. Nearly 94 percent of this is considered rural due to its low population density.

With people, towns, and financial institutions spread out thinly across the state, you may have a long drive separating you from the nearest bank.

Travel can be challenging to fit into your routine on a good day. But what happens in an emergency, like when your car breaks down or your fridge dies suddenly? Instead of coordinating a long and awkward trip to another town, going online for an MI line of credit is easier and faster.

The best personal line of credit Michigan has to offer will have simple and fast applications. You may apply for a personal line of credit in Michigan at any time of day or night, as most financial institutions accept applications 24/7.

2. You Don’t Need Reliable Broadband

A digital divide cuts across the U.S., pitting the country’s rural areas against the biggest cities, with rural communities usually lacking critical Internet infrastructure. Some people decide to go without Internet, or they’re stuck with expensive services and slow connections.

In Michigan, 70 out of 83 counties rate below the national average for Internet connectivity. This Internet gap leaves nearly 10% of residents without access to broadband, and another 51.4% living where only one Internet provider operates — leaving them vulnerable to outages.

Wireless cell phone coverage, on the other hand, covers the majority of the state despite its size and remoteness. According to Best Neighborhood, 99.1% of the state has some kind of service and 99.99% of residents have it.

The best personal line of credit Michigan has to offer is available over a smartphone. If you don’t have great Internet access with a laptop, you can get a loan by phone instead.

3. You Don’t Need Perfect Credit

While Michigan boasts an impressive average credit score of 719, not all of its residents fall into this “good” rating.

Rural borrowers make up a disproportionate number of people with thin or low scores. Many of them use pawn shops or payday loans instead, according to the Consumer Financial Protection Bureau, as these financial alternatives won’t turn them away for having a low score like the biggest banks.

Fortunately, borrowing online comes with greater options. Some MI line of credit financial institutions use alternative data (like income, pay schedule, and debt loan) to determine if you qualify. Some even look at regular bills to make their decisions, like rent, utilities, and cell phone.