5 Ways A Personal Loan Can Help You
In a perfect world we would all work to our satisfaction, and receive enough income to afford our wants and needs, and to fund our dreams. The reality of course can look somewhat different. Life can present some curve balls where we need help, and often it just makes sense to have a personal loan to jump start us to where we need to be.
1. Paying Off Your Credit Cards
A great benefit of taking out a personal loan can be to settle a credit card, even if you have only one. The high interest rates charged by credit cards often cost you far more than personal loan interest rates, and in the long run is an excellent way to make better use of your hard earned income.
2. Debt Consolidation – Saving You Money And Stress
A debt consolidation loan is a loan used to pay off existing debt. Existing debt is likely to comprise many different creditors, all with different repayment schedules and interest rates. When you’re managing multiple debts, it can be easy to get lost in tracking all their repayments, and in turn experiencing an increase in financially related anxiety. When you take out a debt consolidation loan you have just one single affordable payment each month. Not only that, you are restricted from incurring more debt, as a debt consolidation loan is not ‘revolving’ like a credit card, where each month it’s so easy to use the card, getting yourself further into a financial hole.
3. Unexpected Medical Expenses
We hope this one will never be required. But sometimes the unexpected happens, and we find ourselves in a situation where we’re unwell and require treatment, or we need a specialised medical procedure, that’s not available on public health (or the wait is too long) and we don’t have the money to cover it ourselves. This is a perfect example of when a personal loan comes into its own. You can borrow what’s needed for your health, and pay it back in a way that suits your budget.
4. Home Improvements
Are you wanting to make some alterations to your home but don’t want to dip into your savings or mortgage? Then a personal loan is for you. It’s not essential for you to use your home as collateral, and it puts a new kitchen, bathroom overhaul or even a spa for outside within your reach.
5. Time For A Much Needed Holiday?
Perhaps there’s an occasion away from home that you really don’t want to miss. Or the kids are getting older and you’d like to create some cherished memories with them. A personal loan can be one of the more cost effective ways to finance your trip, putting it within your reach when you need it.
There are of course many reasons why you might need a personal loan, and here we’ve listed only a few. If you need help with a personal loan, get in touch with us. We offer some of the best personal loan interest rates, and it’s so easy to apply online here or contact 0800 Lend2U (0800 536 328) to see how we can help you.