4 smart uses for a personal loan
Taking out a personal loan can be a smart move that boosts your financial situation. And while it’s true that you can use a personal loan for any purpose (hello, Mediterranean cruise!), the savviest uses are also the least glamorous (no surprise, huh?).
Here are four practical uses for a personal loan that can help propel you toward a better financial future.
- Reduce your credit card debt. Use a personal loan to consolidate higher-rate credit card debt and other higher-rate loans. This could lower your payments and save you big bucks on interest charges.
- Boost your credit score. If you don’t already have a solid credit history, use a personal loan to help you build up a record of positive payments, which translates into a big part of your credit score. By paying a personal loan on time, it demonstrates that you can handle debt responsibly, and you will therefore be more likely to qualify for credit when you need it.
- Pay for unexpected bills. If your rainy day fund is dry, use a personal loan to fund life’s unpleasant surprises. A personal loan of $5,000 or $10,000 could really come in handy when your water heater goes kaput or you have a one-time unplanned medical expense.
- Fund home improvements. Use a personal loan for that overdue bathroom remodel or deck addition. Before you proceed, though, make sure you do your homework to ensure that your home improvement project will increase the value of your home.
No collateral is required for a personal loan from Think - all we need is your signature. Get more info here, by calling 1-800-288-3425, or by stopping in one of our branches.