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Uses of a Personal Loan
24 Jul 2019

5 Helpful Uses of a Personal Loan

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More than 76 million Americans are struggling financially or just getting by. Do you need money or want to consolidate bills? Have you ever considered a personal loan to help you get the money you need?

A personal loan can be useful in many common situations. Here are some of the best uses of a personal loan.

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1. Medical Bills

About 41 percent of working adults have issues paying medical bills. These expenses can pile up quickly and can hit when you least expect it. If you recently had a health emergency and your insurance left you with a big medical bill, you may want to consider a personal loan to make affordable payments over time.

2. Consolidate Credit Card Debt

If you have balances on multiple credit cards, you may want to consider a personal loan to help you consolidate credit card debt. One payment is easier to manage, and you could lower your monthly payments. Check your interest rates on your credit cards, and you will see if you can save with a lower rate on a personal loan.

3. Home Renovations or Repairs

Do you have a major home repair or want to update your bathroom or kitchen? Sometimes things need to be replaced like a roof or appliances. Renovating your home could also increase its value.

If you don’t have the cash, a personal loan could help you pay for this large expense. You could get a personal loan instead of financing it with the provider or store.

4. Starting a Business

Have you always wanted to start your own business? Getting your business going can be expensive. You may need to purchase equipment, lease office space, or get some capital to get going.

A personal loan for a business is an option to help you jump start your dream career. Getting a personal loan for a business might be faster than applying for a small business loan.

A risk you should consider is that your name is on the loan and not the business. This means your personal assets and credit are on the hook if the business fails.

5. Paying for a Large Milestone

Do you have a big milestone coming up like a birthday, graduation, anniversary, or wedding? Do you want to celebrate? These events can be expensive.

A personal loan could help you pay for the celebration. This would prevent you from dipping into your savings. Life is short, and if you want to take a dream vacation, you could get a personal loan instead of charging on a high-interest credit card.

Final Thoughts on Uses of a Personal Loan

Uses of a personal loan include financing a large expense, consolidating debt, or lowering your monthly payments. A personal loan has a lower interest than most credit cards and can help you get the money you need quickly.

If you are ready to request your loan, check out our website to apply today. You can also check out our resource section for other helpful financial advice like documents you need for a personal loan.

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