What To Do When You Need A Little Financial Help In South Dakota?

What are some of the most popular retirement destinations in North America that come to mind? You would have to think the usual suspects right? Florida and Arizona would come up high on the list as well as San Francisco and the Caribbean. Basically, any place that would offer fantastic weather and numerous recreational activities would be a good guess, right?  While it’s certainly true that these areas do earn their acclaim for a reason, many people are bypassing the usual places and going places where they can live cheaply and in peaceful equanimity.

That’s why South Dakota is high up on the list of places retirees are going to spend their golden years. While you certainly wouldn’t think that the less than desirable cold weather that South Dakota is known for would be conducive to the joints, the numbers would indicate otherwise. In fact, South Dakota’s population will go up by nearly 150,000, and nearly 75% of them will be in the 65 or older group in the next 20 years. This should only make South Dakota’s economy improve as these people will have more expendable income than others in the state.

Although South Dakota’s economy should improve because of this influx of retirees, that doesn’t mean there aren’t many who are still struggling. In fact, out of a possible 50 states, South Dakota ranked 46th in regard to economic growth in 2012. Although the unemployment rate in South Dakota is half than that of the national average, the average household income is less than the national average. Therefore, many in the area may still be struggling to make ends meet even if they do have jobs. A loan might be able to tide things over, but how do find the right South Dakota loans? Here are some things to keep in mind:

  • Is the loan company local? When you deal with larger loan companies that represent the interests of their shareholders and deal with people from all over the country, there is a disconnect. They may not take into account the individual interests of the local communities they do business with. By enlisting the services of a local South Dakota loan company, you can bypass this disconnect as the loan officers will have a better idea of the concerns that affect the local community.
  • How much will they take into account your credit history? It’s a Catch-22. Those who are often looking for loans might not have the best credit histories, which will affect how able they are to get a loan at an affordable interest rate. When looking at possible loan companies to do business with, make it a point to look into how much they take credit history into account in their decision-making process.
  • What’s the payback like? The way most companies make their money back on loans is through their ridiculous interest rates and fees charged for their loans. There are South Dakota companies out there that have more altruistic ideals, but you have to look for them. The last thing you want is to get charged an arm and a leg just to make ends meet.

Tony is a financial planner that likes to offer tips to readers who are looking to manage their own finances more effeciently.

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