Tag Archives: personal loan
The Most Popular Uses For A Personal Loan
The number of people taking out personal loans has risen dramatically over the last ten or fifteen years, but what are the reasons for this? In this article we’ll look at the main uses of the loans that we take out.
Debt Consolidation
This is possibly the biggest single reason people take out a personal loan, with billions being lent to help people sort out their finances. The basic idea is to take out one single loan that you use to pay off all your other debts, leaving you with just one repayment to make. Not only does this make your financial life simpler and more easily managed, but if done properly the result should be that your debt is costing you less overall to service each month.
New Car
Although there are many different kinds of auto finance available, from basic car loans to vehicle plus finance packages, many of these deals work out to be quite expensive, and are often suited to people with poorer credit ratings. A normal personal loan, with a lower interest rate and less restrictions, can be a better option for funding a vehicle purchase for many people. The key benefit is that you’re free to spend the loan amount on any car from any dealer, or even buy privately – an option not usually open to users of dedicated auto finance packages.
Home Improvements
The extreme rise in property prices over the last decade or so has left many people with large amounts of equity in their home. This means that their house is worth far more than the mortgage still owed on it. For some homeowners it can make good sense to ‘cash in’ some of this equity in the form of a loan, using the money to reinvest in their property by improving it. This can mean extra building works, improvements to faciilities such as bathrooms and kitchens, landscape gardening, or any other costly exercise that will ultimately increase the value of a property even further in the coming years.
Vacation or Travel
Also given the large amounts of equity many people have, a popular option is to free up some of this cash to finance a once in a lifetime vacation, cruise, or other kind of expensive travel. It’s not generally recommended that you use your home as collateral for this kind of loan spending, as you’ll be risking the future of your home with little to show for it once the vacation is over. An unsecured personal loan, however, is an ideal way of spreading the cost of an unforgettable experience over a year or two.
Wedding
One final popular reason for taking out a personal loan is to pay for a wedding, either your own or a child’s. Weddings these days can be incredibly expensive, usually running well into four or even five figures, and not many people have this kind of money in reserve. Naturally, a wedding day should be a day to remember always, and so many people feel it’s well worth the cost of taking out a loan in order to make the day as perfect as possible. The funds will also be useful in paying for a great honeymoon, and even providing a few household essentials when moving into a first home.
Personal Loans For Everyone
What do you do if you are driving home and a head gasket in your car engine blows? Your mechanic tells you that it’s going to cost you about $700 to repair it and get your car running again. You have been just squeezing by each month and have absolutely no savings to speak of. Unfortunately, you have an important meeting at your job next week and simply can’t miss any more work. What do you do?
Getting a personal loan from Loans 360 can be the answer to your problem.
When other lenders have turned you down for a quick and easy personal loan, Loans 360 may be able to help you out. With over one million approved personal loans loans so far, our qualified lending associated have the experience to handle and close a variety of types of loans. In fact, our associates are experts at matching an individual’s unique financial situation to the available loan programs being offered.
What If You Have Bad Credit Or No Credit?
The reality is that bad credit and no credit stops most people dead in their tracks when trying to borrow money desperately needed to handle a pressing financial crisis. Most lenders, especially in today’s risky lending environment, have tightened their restrictions on qualifying individuals with shaky credit or no credit history already established. However, Loans 360 goes out of their way to try and approve the personal loans of people with all kinds of credit.
Does Loans 360 Give Potential Borrowers The Ability To Apply For Online Personal Loans?
Absolutely! Loans 360 knows that by giving people the option of using the internet to apply for online personal loans, it allows them to conveniently complete and submit their loan application when it suits them best. Whether it’s 3pm or 3am, borrowers can try and get a loan when it is best for them. There’s no need to have to travel to an office across town and meet with a mortgage professional on Monday morning. All you need is a computer and internet access, and you can get a personal loan from Loans 360 whenever you want.
No one can predict with certainty when a financial crisis will occur. For those who have the funds already saved up, this can be a small obstacle to overcome. However, for those people who just don’t have the extra cash on hand, getting a personal loan from a lender like Loans 360 can be a lifesaver.