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6 Major Reasons Why People Take Loan - Nairaland / General - Nairaland

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6 Major Reasons Why People Take Loan by Okfiscal(m): 11:45pm On Jun 11
Unsecure personal loan unlike other form of financing do not require collateral, therefore many advantages are attached to taking personal loan. Personal loan can be use to consolidate debt, among other things which includes;

Finance home remodeling
Pay medical bills
Buy a car, boat or RV
Take a dream vacation
Make a large purchase
Let’s go into details

1.Consolidate debt
One of the most common uses for personal loans is to consolidate debt . Imagine that you have multiple loans or outstanding credit card debt and they all have varying balances due and interest rates. That’s a recipe for financial trouble, which is where personal loans can help.
When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. It makes it easier to work out a timeframe to pay off your debt without getting overwhelmed

2.Finance home remodeling
A personal loan can be a great option to pay for home remodeling, specially for people who don’t have equity in their home or don’t want to get a home equity line of credit
Whether you want to put on a new roof, install solar panels, remodel your kitchen, a personal loan can help

3.Pay medical bills
Medical expenses are definitely a reason people go to lenders for personal loans. This medical expenses includes;dental work, cosmetic surgery, fertility treatments oversea check ups. Ancillary expenses like medical travel, parking, medications and aftercare also can be financed by a personal loan.

4.Buy car If you can’t qualify for a secured loan with a lower interest rate, a personal loan can cover larger purchases.like buy a expensive car of your choice

5.Take a dream vacation
If you’ re planning a vacation with your family , personal loan or consumer loan can be of great help
Just as personal loans can help get a car , they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip or you’re celebrating an anniversary, personal loans can help you fund your dream vacation.
6.Making a large purchase
If you suddenly need to buy a new washer and dryer and don’t have the funds, a personal loan can be a great relief. A new computer, such as a gaming computer, can also end up costing more than what you have in your savings account.
Small personal loans let you purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Also read https://okfiscal.com/types-of-loans/

Conclusion

The list of things you can use a personal or consumer loan can not be over emphasis .When you take out a personal loan to pay off credit cards or to buy car and other expenses , you are borrowing money that will need to be repaid, with interest. Personal loans are a great way to consolidate debt and make major purchases, but use them responsibly. And define the source of repaying

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