15 Personal Loan Uses You Might Not Know About
Did you know that a personal loan can be used for anything you desire? For instance, an auto loan is used for, well… a car. There isn’t much leeway. But a personal loan is used for any personal expense you might have. When you think about it, your dream is the limit. And maybe also your approval amount.
Many people think of personal loan and only consider using it for purchases like:
- Large immediate purchase, such as a new washing machine or dryer
- Consolidating debt into one low rate loan
There are some uses for a personal loan that many people don’t even consider with so many options.
- Home improvements/repairs
- Buying or repairing an instrument
- Buying a car that otherwise wouldn’t be approved for a conventional auto loan
- Paying for a significant event like a wedding or funeral
- School/Student debt
- Holiday or vacation costs
- Helping a loved one in need/Replaying a debt to friends or family
- Pet expenses
- Toy vehicles like a dirt bike or ATV
- Furniture
- Dorm room “essentials”
- Lawn/patio furniture
- Vehicle repair
- Coming of age celebrations like Quinceanera, Sweet 16, Bar/Bat Mitzvah, & Graduation
- Investing in your next hobby
No matter your reason for needing a loan, a Personal loan is a great option compared to alternative methods. Credit Cards can accrue somewhat higher interest than a personal loan, while payday lenders can charge unbelievable interest on even the smallest loans. Some payday loan borrowers have reported paying up to 500% APR.
When many places offer 0% APR for loans on furniture, appliance, and even store-related credit cards, this doesn’t mean you’re necessarily getting a better deal. Make sure to check the fine print on any paperwork you sign with a company. The interest might be 0% unless you’re late on a payment or only available for a certain time frame. In situations like these, you could end up getting charged a different interest rate plus any fees you might not have been aware of.
You might even find out that a personal loan isn’t the best option for your family. You might need a Home Improvement Personal Loan instead to suit your needs better, or perhaps an auto loan could cover that car or ATV you’re looking at. The best way to find out is by talking to one of our loan officers and letting them know what you need. Get started by filling out your application online or contacting us in your preferred method.
