Life has unforeseen events and sometimes that means quickly finding a way to pay your expenses. Whether it is unexpected medical bills or debt, here are some examples of what personal loans are typically used for:
1. Emergency Expenses
You never know when an emergency can happen. Whether it is a medical emergency for a family member or pet or a sudden funeral you need to find the funds for, a personal loan can help some of the stress.
2. Home Renovations
If you feel like your home is a little outdated, home renovations may be the way to go to make the space look fresh and to increase the value of your property. However, these renovations can get pricey, which is why you may want to consider getting a personal loan.
3. Financing Your Wedding
A wedding is one of the happiest, greatest moments of your life, but it can get pricey depending on how elaborate you want it to be.
You know what they say, “you only live once” and taking the time to experience the world is a great way to invest in yourself and immerse yourself in new cultures.
5. Starting a Business
Are you ready to take the leap of faith and start your own business? To do so, it takes a lot of capital, which is why you may want to take out a personal loan to help fund this dream.
6. Large Purchases
What big purchases are you making soon? Are you buying new appliances such as a washer and dryer? Large purchases whether it is leisure or not can get expensive.
7. Debt Consolidation
If you have high-interest debt, you may want to use a personal loan to consolidate your debt. Personal loans typically have low-interest rates, which could save you money over the length of your repayment.
8. Moving Expenses
It costs a lot of money to move to a new place. In addition to the transportation it may take to get there, you also have lots of moving costs with trucks, helpers, and materials to wrap and store your items.
9. Financing or Refinancing a Car
If you’re looking to refinance your auto loan for better terms, then a personal loan might be a good option to consider. Borrowers with good-to-excellent credit may be able to qualify for a lower APR on a personal loan and potentially pay off debt sooner compared to what they currently have on their auto loan.
10. Refinancing Credit Card Debt
Personal loans usually offer fixed monthly payments, which can make it easier to keep track of compared to inconsistent credit card statements. With a personal loan, it could save you money with potentially lower APRs and faster repayment or lower monthly payments.
As we work together to get through these ever-changing times, let us know how we can help! We have a number of personal loan options available to help you with your needs. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or visit us online at caminofcu.org for more information. We are here to help you on your financial journey.