Not sure if you need a personal loan?
Like lines of credit, personal loans can be used for any purpose, but do work best in certain situations.
Struggling with student loan debt or credit card payments? Need to make a big purchase soon or fund an emergency now?
Let’s take a look at how a personal loan could help. Here are six ideal uses to consider …
Consolidate Credit Debt
Much like a student loan refi, consolidating a large variety of variable APRs into one fixed payment can be a budget saver. Consolidating several lines of credit or cards eliminates all those monthly statements into one manageable payment plan that can save you money – and your sanity.
So, clean out your mail- or inbox and enjoy a more predictable payment that, as an added benefit, will help you knock down the debt faster.
Make a Big Purchase
Let’s say you want that snowmobile for the upcoming winter season or canoe for summer? What about getting the family the latest gaming system as a holiday gift or making someone’s birthday extra special?
Consider using a personal loan to fund the purchase now and give yourself time to pay it off.
Personal loans come with flexible terms based on your needs, so you can always pay it off early.
Handle an Emergency Expense
Personal loans work best when you know the cost of a repair or essential item. No one likes to deal with emergency expenses, but a recent study shows very few Americans have rainy-day funds.
We can turn your application around quickly so you can avoid an extra, variable rate line of credit or card you don’t otherwise need.
Personal loans can put you in a comfortable spot if you’re just temporarily short on the cash or waiting on the insurance reimbursement check.
Use It for Any Purpose
These are just a few suggestions for personal loan uses. The best part about personal loans is you don’t need to have a specific reason to take one out.
Use personal loans for any purpose. If you need cash, consider the pros and cons of personal loans vs. lines of credit here.
Make your choice, speak to one of our friendly loan offices and apply easily through Home Banking.