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Why should you take out a personal loan?

personal loan

Personal loans are great options for really anything! The nice thing about personal loans is that you do not need collateral for the loan, and you have flexible payment options. The other great aspect of a personal loan is you will likely pay a lot less on interest than you would your credit card. The average credit card interest rate is 14.52%, compared to our personal loans starting at 7.9% APR*. Here are some of the reasons members take out personal loans:

  1. Debt consolidation & refinancing credit cards – Like we stated before, personal loans usually have much lower interest rates than credit cards, which is why debt consolidation and refinancing credit card debt is one of the main reasons members take out personal loans. It also allows you the convenience to pay one payment instead of a bunch of different payments each month.
  2. Large purchases – Maybe it’s furniture, new appliances or a hot tub! Personal loans can be used to make fun purchases as well. And once travel picks up again, you can use it for a vacation!
  3. Legal fees – There are many reasons people hire lawyers: an adoption or a divorce, for example. In general, people don’t regularly see a lawyer, so you may not have the funds saved up for one when the situation arises. A personal loan can help with that.
  4. Medical expenses – While having an emergency fund or a health savings account to pay for medical bills is ideal, that doesn’t always happen. Personal loans can help you pay off your medical expenses with one payment, which is extremely convenient if you have a lot of bills from may different healthcare providers.

Regardless of what you need a personal loan for, it’s worth visiting with a loan officer about your options. You may find that you can save a lot with personal loan including consolidating current debt, refinancing credit cards or just taking on out for a new purchase. Contact us to schedule a call or virtual appointment today!

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