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No matter what stage of life you’re in, a personal loan can be a great resource! You can use it to pay for almost anything – often with a lower interest rate than most credit cards.
A personal loan is a way to borrow a set amount of money for something you need. It can be secured (meaning you promise something valuable, like your home or car, to back it up) or unsecured. The lender gives you the money based on things like your credit, income and financial situation. You then pay the loan back in monthly payments, with interest, over a certain period of time.
7 Reasons to Get a Personal Loan:
Debt consolidation
If you’re juggling multiple high-interest payments – such as those that often come with credit cards or payday loans – a personal loan can be a great way to consolidate your debt into one easy monthly payment. With a lower interest rate, you can save money and pay off your debt faster. And if you keep up with the payments and avoid new debt, your credit score could even go up!
Use our debt consolidation calculator to see how much you could save overall with a lower interest rate and shorter repayment period.
Home improvements
If you don’t have enough equity or savings built up to make home improvements, a personal loan could be a great way to finance the projects you’re interested in. Remodel your kitchen. Renovate a bathroom. Finish the basement. Build a storage shed in your backyard. You could even replace your home’s roof, gutters, siding and windows.
From installing new flooring to insulating your attic to putting in new landscaping and everything in between, you can improve the comfort and aesthetic of your home. These types of changes can even increase your home’s value if you decide to sell later!
Emergency costs
Life sometimes comes with unexpected expenses. And if you don’t have enough savings for emergencies, a personal loan could help fill the gap.
Medical bills, for example, are overwhelming enough as it is, especially when insurance doesn’t cover the full cost. A personal loan can help you pay these bills quickly – and with a lower interest rate that makes the payment plan more feasible – so you can focus on getting better. Similarly, unexpected car repairs, whether from a breakdown or accident, can throw a wrench in your day. A personal loan can give you the money you need to get your car fixed and back on the road!
From funeral costs to legal fees, a personal loan can help you address unforeseen expenses. The key is making sure you can repay the loan in a reasonable time to avoid unmanageable debt.
Weddings
The day of your fairytale wedding should be filled with celebration, love, joy and laughter – blissful thoughts of nuptials, not numbers! That’s why it’s important to have a proper payment plan in place to cover costs, which can add up fast. The nice thing about a personal loan is that it offers fast and flexible access to funds, so you can bring your big day to life without the pressure of saving for years.
Book that elegant venue you’ve always dreamed of. Choose that caterer who will craft a menu your guests will rave about. Buy that designer dress you’ve had your eye on for months. Even plan your perfect honeymoon! From adding extra guests to hiring a professional photographer to splurging on gifts for guests, a personal loan can help you celebrate your love story without compromise.
And the benefits don’t stop at weddings! You can also use a personal loan to plan a vow-renewal ceremony, a special anniversary, a memorable graduation party or any other significant event. Whatever you’re planning, just be sure to budget carefully so you don’t borrow more than you’re able to repay.
Vacations
Looking to escape North Dakota or Minnesota for a while to see other places? Everyone deserves a break now and then! Whether it’s an annual excursion or a once-in-a-lifetime getaway, vacations can be a great way to relax and recharge. But they can also be expensive. Between travel, accommodations, dining, activities, souvenirs and more, it doesn’t take long for costs to climb.
However, that shouldn’t stop you from enjoying yourself! Life is short, and it’s important to take time to live it to the fullest – especially when you have the chance. If you’ve planned your ideal trip but don’t have all the funds right now, a personal loan could be a great option. It allows you to enjoy the things you want to do on your vacation without having to put everything on hold while you save. The best part? You can spread out the cost of your getaway into manageable monthly payments.
So go ahead! Swim with the dolphins. Sightsee. Try new and interesting foods. Schedule a spa day. After all, a vacation is meant to be enjoyed. And as long as you plan wisely and are able to pay back the loan without compromising your finances, you can make memories that will last a lifetime.
Education
Education is one of the best ways to invest in yourself because it can help you land better jobs and earn more money – and a personal loan can be a great way to pay for it! Just be sure to weigh the cost of education against potential salary and career growth to determine if the loan is a wise financial decision.
For example, if you plan on pursuing a degree in a high-demand field like health care, engineering or technology, the return on investment (ROI) can be significant, as these industries often offer high-paying jobs. However, if you’re considering a job that’s rewarding but might not be as lucrative as other career paths, you may want to be extra thoughtful about the size of loan you take out.
Dealing with student loan debt? Check out our BetterLife™ Student Loan! The first and only program of its kind in the nation, it helps you consolidate debt with no fees and a low fixed interest rate.
Miscellaneous expenses
As a reminder, depending on the season of life you’re in, a personal loan can be used to pay for almost anything. For example, if you’ve recently found a new home, a personal loan can help you cover not only the moving costs, but also furniture and appliances for your new space. Or if you’ve just welcomed a baby, it could help you pay for a nursery.
Upgrading electronics like home entertainment systems, smart devices and computer systems are other examples of scenarios where a personal loan could come in handy. Simply talk to a knowledgeable personal lender to learn more about your options!
When seeking a personal loan for a purchase – big or small – work with a lender that offers special perks. For example, by setting up automatic loan payments with a Gate City Bank checking account, you could score a 1% discount!
Personal loans can be a great way to meet a variety of financial needs and goals. By borrowing only what you need and having a solid repayment plan, you’ll be better positioned to manage life’s expenses with confidence.
Apply for a personal loan today by contacting one of our experienced personal lenders! They can’t wait to assist you and answer your questions.
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