Personal loans are appealing not only because they can help you reach your goals, but because they are flexible, have lower rates than credit cards in most cases, and, if paid in full each month, they can actually improve your credit score.
Americans use personal loans for everything from debt consolidation to wedding receptions. Let’s look at some of the common (and not so common) ways to use a personal loan.
1. Debt Consolidation
Consolidate credit cards or other loans into one single personal loan, and get a fixed rate, fixed monthly payment, and often, cases lower interest rate.
2. Home Improvements and Remodeling
Americans spend billions of dollars on home remodeling projects each year, and these costs can be covered (and paid over time) with personal loans.3. Weddings or Quinceñeras
Celebrate your big day just how you want! It may mean big price tags that add up, so many families use a personal loan to make their celebration perfect.4. Medical Bills or Adoption
Paying for surgeries and treatments or worrying about preparing for an adoption can be alleviated with personal loans.5. Funeral Expenses
These often unexpected costs can run over $10,000.6. Trips of a Lifetime
Be careful of using a personal loan for travel expenses, but if there is a once-in-a-lifetime trip that you are carefully planning to finance, like a honeymoon or destination wedding, this could be a good option.Interested in your own personal loan? Members can apply for a personal loan in person at any of our branch locations, or online.
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