Top 5 Reasons To Get A Personal Loan

 

A Personal Loan is a medium to short term unsecured loan that one can use to meet his/her current financial needs. A personal loan can also be described as ‘no questions asked loan’. The borrower can take out the loan for any purpose and can use the money in any way he/she sees fit.  Simply put, personal loans are for those who are in dire need of money but cannot wait the long approval time of traditional loans. You can be confident that no matter your financial situation or income bracket that a personal loan can be your helping hand.

Here are 5 reasons why a personal loan may be a good idea:

1) For Higher Education:

There are many institutions across Canada that offers educational loans. Education isn’t free but in reality very expensive. Most students have to take out a student loan to simply afford the ability to go to school. Aside from student/educational loans, there are also other sources for funds like scholarships, grants and private donors.

2) Medical or Unexpected Emergencies:

Medical emergencies usually require a huge sum of money and if you don’t have enough medical insurance to cover expenses  then a personal loan is a great option. Unexpected emergencies can happen anytime in life such as car repairs, unexpected travel or maybe even damage to your property.  Whatever the reason, one can easily apply for a personal loan online without any hassle.

3) To Help Improve Your Credit:

Personal loans, when paid completely and on time will help raise your credit score. Paying on time doesn’t mean paying off the loan early.  Creditors look at your payment history. So it is important to establish a payment history of at least 6 month to a year or longer to help with your credit.

4) For Marriage:

Let’s be realistic, it’s not cheap to get married. Most especially for a women, who want their wedding day to be a memorable one for everyone involved, from the family, wedding party and guests. Often times, the planning and cost of a wedding is not really within budget even after saving up. A personal loan can definitely be a helping hand in the plans, wedding ceremony, reception and even for your honeymoon as well. Just make sure before you decide to take out a loan for your wedding needs you have a realistic payment plan in place.

5) For Clearing Credit Card Debt:

The build-up credit card dues for over a time period can become a huge problem. They attract high interest which keeps adding up to the total burden. Different credit card companies charge different interest rates and some can even charge up to 40%. You can easily take a personal loan at a much lower interest rate making it a more sensible option for repaying your credit card debt.

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