Staying Financially Fit: Personal Loan Use

Sometimes, we fall on hard times, or we might just want to consolidate other credit card or loan payments into one with a smaller interest. Other times, we might find ourselves wishing that we could fund a class, pay off our wedding, or pay for a holiday. No matter what the use, finding a loan to fund your dreams doesn’t have to be difficult.

Staying Financially Fit

Personal Loan Terms

Personal loans are a great way to get funded and make consolidated payments on something that otherwise would have taken over your finances. These loans are typically in terms of one to five years, offer interest rates far lower than most credit cards with some being as low as 9.95 percent, and are easier to pay than several separate bills.

These loans also have the benefit of fast approval turnaround with most approvals being granted within just a few hours. Loan transfer to your bank can take as little as two days, making funds available quickly. Online approval also makes these loans appealing. Sometimes, when credit is a little more poor, and we want a loan to consolidate debt hanging over our heads, going to the bank to take out a personal loan can feel embarrassing and degrading. By applying online, you never have to speak to an actual banker, keeping your financial history electronic.

Personal Loan Benefits

Paying off credit cards is tiresome. No matter how many payments you make, the total just never seems to budge. What’s even worse is that most online calculators inform you of how long it will take to pay off your debt by continuing the minimum payment and the answer is almost always disheartening. It can be discouraging to see yourself making payments, but knowing that this won’t be over for another several years with thousands of extra dollars gone down the drain. Fortunately, a personal loan helps you combat this. With significantly lower rates than those of credit cards, a personal loan can help you consolidate credit card debt, make a smaller monthly minimum payment, while at the same time making a larger dent in the total amount owed each month.

Weddings are getting increasingly more expensive over time, as are holidays. Applying for a personal loan to pay off either of these things might seem counterintuitive. Should you be taking out a personal loan to pay for a holiday you can’t afford up front? The same question can also be asked about weddings. Instead of charging these to credit cards you’ll never pay off, a personal loan can offer better terms than a credit card, making it easier and faster to pay off.


 

Leave a Reply