5 Reasons to Get a Personal Loan
Sometimes, you just need a sudden influx of cash. Maybe you had an unexpected expense pop up. Or perhaps you’ve had your eye on a big purchase and now’s the time to make a move. In cases like this, you should consider taking out a personal loan.
Personal loans can be used for just about anything, providing you with greater flexibility than other types of loans. And while they may have higher interest rates, personal loan rates often tend to be fixed – making them more predictable.
Let’s explore five top reasons to get a personal loan.
Get a Personal Loan Through TwinStar
If you need a personal loan, TwinStar can help! We offer personal loans up to $50,000. To see our latest rates, visit our personal loans page.
To apply for a personal loan, apply online, call us at 800.258.3115 or visit your local TwinStar branch today.
1. You Need Emergency Cash
No matter how prepared you are, sometimes it just isn’t enough. Life is unpredictable like that. You never know when your car’s transmission may go out. Or when you might need to cover funeral expenses for a loved one.
When you need money quickly, personal loans can be a good option. Most of the time you can apply online and find out that same day if you’re approved for a loan – and depending on your credit union or bank, you could receive the funds as soon as that day.
2. You Want to Pay Off Other Debt
One of the most popular reasons people take out personal loans is so that they can pay off their credit card debt. Personal loans typically charge less interest (especially if you have good credit) compared to credit cards, making them a more cost-effective way to pay off your debt.
3. You Have a Medical Emergency
Getting medical treatment, whether it’s a visit to urgent care or having emergency appendix surgery, is expensive – even if you have health insurance. If you don’t have insurance or your coverage doesn’t cover the full amount of a visit, you might want to consider taking out a personal loan, as opposed to using credit or taking out a more high-interest loan like a payday loan.
4. You Need Help with Moving Costs
Moving can be expensive, especially if you’re moving out of state. In a perfect world, if you are moving for a new job, your employer would cover some, if not all, of your moving costs. Unfortunately, that’s not always the case. A personal loan can help you with moving costs like hiring movers to pack your belongings or renting a U-Haul truck to move them across the country.
You can also use a personal loan to help pay your first month, last month, and security deposit for rental. Or maybe you need money to go toward furnishing a new home.
5. You Want to Pay for a Wedding
Weddings come in all forms and sizes. But rarely are they ever inexpensive, even Do-it-Yourself ones. Because credit cards often have higher interest rates, personal loans may be a better option if you need help paying for a wedding. After all, special days like wedding ones don’t come around that often.
Final Thoughts
While personal loans can be used for a variety of reasons and provide you flexibility, you need to make sure that you can pay back any loans you take out. If you can’t afford monthly payments, you should hold off on a personal loan until you have more money.
That said, personal loans can offer better rates than other types of loans and credit cards, making them a viable alternative for many members. To learn more about personal loans from TwinStar, visit our personal loans page.