Getting an Online Loan

Online banking has been around for years, but nowadays you are also able to find a number of good online lenders to choose from. Online loans are changing the way that we borrow money as you no longer need to fill out the same old forms with your bank.

online loans

So, how do you get a loan online and what is the process.

The Benefits of Borrowing Online

Online lenders aim to make borrowing a lot easier and there are a number of benefits when you choose to borrow money through an online lender.

Quick Approval

Online lenders have the ability to pretty much almost tell you immediately whether you have been approved or not.

Traditional banks are different, even if you are able to fill out an online application, you may need to wait a while to find out if you have been approved as someone will need to review the application and then you may still have to visit the branch in person.

Online loans takes this away as the whole process is conducted online and you are able to submit any supporting documents through their system, which makes the approval process a lot quicker.

Better Rates

You should always shop around for a loan and you will find that online lenders will usually charge less than anywhere else. With online lenders, you will usually find lower interest rates and smaller service fees. This is because online only lenders do not carry the same overheads that banks carry with physical branches.

Easier Approval

It is a lot easier to get a loan when you have good credit, but if you are still building credit or if you are suffering with bad credit, then you might find joy with an online lender. You may find that online lenders are more willing to approve you even if you have a lower credit score as they will rather assess your ability to pay the loan back and use information like your income and utility payments, for instance

This then means that approval can be granted to those with low or even bad credit.

Unsecured Loans

The majority of online loans are unsecured, which means you are not required to pledge collateral in order to get approved. If you fail to repay an unsecured loan, then your credit score will drop, but you don’t risk any assets being repossessed.

Wait…keep reading to find out more about borrowing online…

How to Borrow Online

Getting an online loan is not that much different to the traditional way of getting a loan, but the whole process feels a lot easier and you don’t have to leave your home in order to apply.

With online borrowing, you will need to provide personal information like your ID number and address as well as financial information like your income.

borrow online

All you need to do is find a reputable online lender and then start the application. These applications can take between 5 and 15 minutes and once you have been approved, you can receive your loan in a matter of hours in some cases.

What About Payday Loans?

When you are looking for online loans, you will get plenty of hits for loans that are payday loans. Payday loans are short term loans that carry a high interest rate. These type of loans can work for you, but they can also work against you.

The idea of a payday loan is to help customers that are in a financial bind and need money quick. The loan is then repaid once you receive your next pay check, which can cause problems for that month. If you do decide to take a payday loan then you need to make sure that you can afford it.

Payday Loans can be recognised in a number of ways.

Firstly the term for the loan is very short in that you have a month to pay the loan back. Rather find a loan where you have months to pay off the debt.

Secondly, the interest rate on payday loans is high. You will need to shop around for the best interest rates and find one that suits you.

Thirdly, payday loans will advertise that they don’t check your credit, but the fact is that you will need to have decent credit to get a decent loan.

Lastly, online lenders that ask for up-front payments should be avoided. Legitimate lenders may charge fees, but these fees will generally come from your loan proceeds.

Payday loans do have a purpose and can help in times of an emergency, but they should be treated with caution.

If you are looking for a loan then you will need to shop around and the great thing about online lenders is that you have the ability to compare loan offers easily. Online loans are a great option and the application and approval is easier and quicker, which means you will be able to get the money you need quickly.

Personal Loans with Lime Loans

If you are looking for small, short-term loans then Lime Loans could be the answer. Lime Loans offers fast and secure online loans and you can receive the money you need in just 5 minutes with their unique online platform.

Lime Loans operates in accordance with the NCR and legislations of South Africa, so you can be sure that you are in safe hands.

You also have the chance to get new tariff rates, more benefits and better conditions with their unique loyalty program.

The loan repayment term varies depending on your tariff, but at most you can get up to 65 days to repay your loan.

lime loans

 

The best thing about Lime Loans is that you are able to get personal loans 24 hours a day, 7 days a week as the whole process is conducted safely online. So, if you have an emergency and need cash fast, then Lime Loans can help.

If you would like to get a personal loan from Lime Loans, then you will need to:

  • Be 18 Years old
  • Have a Republic of South Africa Identity Document
  • Have a South African Bank Account and
  • Access to the Internet

Apply with Lime Loans today and get the cash you need quickly.

The Benefits of Paying Your Debt Off Early and How

So, you have debt, which isn’t great but on the flip side, you have a little extra money on hand. So, is it better to pay off your loans early or should you just keep on making the normal monthly payments?

You can only make the decision once you have evaluated what you get from the loan against the cost of keeping the loan around. You will be able to save quite a lot of money when you get rid of your loan debt early, but it might not always be the best thing to do.

pay off loans

Here is a look at the benefits of paying your debt early and how you can do this.

The Benefits of Paying Your Debt Early

Save Money by Paying Off Loans

The best reason that you will want to pay off debt early is so that you can save money and stop paying the interest. The interest that you are charged doesn’t actually buy you anything, but rather gives you the ability to pay slowly.

There are loans that can drag on for years and the interest on these can certainly add up. Other loans may have a shorter term, but these generally carry a higher interest rate, which then makes them more expensive. When it comes to high cost debt, you should definitely be paying more than the minimum.

So, when you pay your debt down early, you won’t be able to use that extra money, which could mean that you will not be able to enjoy those extra luxuries in the month or you will have a smaller financial cushion, which may make it harder to pay for any surprise expenses.

Also, you will have to come up with extra money to put towards other goals that you may have like your retirement or making a down payment on a home, for instance.

However, paying off loans early saves you money on the interest and you can stop paying a monthly repayment, which you can then use to save.

Wait…There are still more benefits to know…

Give Your Finances Strength

You will become stronger financially when you pay down debt. The money that you have been putting towards the monthly repayment will become available and you can use this for other purposes and it can be used to fund your other goals.

You will also become a more viable option for lenders. Lenders have to be sure that you have enough money to repay loans and that any loans that you have aren’t eating up too much of monthly income, which is known as your debt to income ratio. Your debt to income ratio improves when you pay off debt and this will help you to secure a loan in the future.

financial strength

Also, when you pay down debt, your credit score can also improve. Part of your credit score is based on the amount that you are borrowing in relation to the maximum that you potentially could borrow. If you have maxed out then you will have a low credit score, but when you pay down debt that you have, you will create more wiggle room.

Just Relax

There are some that just hate debt, so they pay off loans as soon as possible, which is fine as long as you know what you are doing.

You might be looking for peace of mind so that you don’t have to worry about debt. Your goal might be to eliminate any debt that you have before you retire or you might just be sick of paying monthly payments.

When you are looking at paying off debt, you need to look at the big picture and make a decision that you are able to live with and makes the most financial sense.

So, how can you pay off your debt early?

How to Pay Off Debt Early

In many cases paying off debt earlier just involves sending extra money, whether you pay a little extra each month or you just do it all at once. You can ask your lender how you can do it so that your payments are correctly credited to your account and so that you know exactly the amount you need to send.

Here are some tips on how to pay off debt early.

Just Send Money

The easiest way to pay off your debt early is to pay a little or even a lot extra when you are able to. This is also the hardest strategy to implement as you will need to have discipline to do this.

However, if you are confident in your ability to send extra payments and pay off your debts then just send extra payments.

extra loan payments

When you send these extra payments, you should include a note that says ‘apply to principal’ so that your lender doesn’t get confused and they see that you are trying to pay extra. If they need things to be done differently they will contact you.

Just the One Extra Payment

You will be able to pay off debts quicker when you add an extra monthly payment each year. You can pay the extra monthly payment anytime during the year as a lump sum, but if you are like most people and you find it hard to come up with the extra payment, you can spread this extra payment throughout the year.

You can divide the monthly payment by 12 and add that amount to each of your monthly payments. This will help you to pay your debt off earlier.

Try Biweekly Payments

Instead of paying every month, you can look at paying every two weeks, which will be the same as one extra payment per year. When you go for the biweekly option, you will see a huge change in your monthly expenses, but you will also save huge as you pay off your debt over the years.

Help from Your Lender

You should speak to your lender as they may have options available that will help you to pay off your debt more quickly. However, be careful as these programs may have additional fees attached. You need to see if these programs are worth it to you and if they are, then pay the fees.

If you don’t want to pay extra fees, then you can find a way to pay extra and avoid the fees like automatic monthly payments that you can set up through your banks’ online banking portal. Just make sure that you attach a note that says ‘apply to principal’.

When you are paying off your debt, you will need to exercise discipline so that you can get it done. It can be tough to pay extra on your monthly payments but in the long run, you can save money. Make sure that you will be saving more than what it is costing you. You need to make an informed decision about paying off your debt off early but paying off loans early can be a huge financial relief.

10 Personal Loan Terms You Need to Know

Travelling through the world of finance can be difficult, especially when you don’t understand all the terms being used by lenders. It is then important for you to learn these personal loan terms so that you can simplify the process, understand it better and ensure that you are getting the loan you want.

personal loan

Here is a look at 10 personal loan terms you need to know.

The Annual Percentage Rate

The annual percentage rate or APR is the annual loan cost that is expressed as a yearly percentage. The APR will include any fees you pay, the interest rate and the insurance premiums paid to the lender.

Balloon Payment

At the end of your loan term, you will need to pay a lump sum, which is the balloon payment.

Collateral

This is a real and tangible asset that holds a value, that you guarantee the lender in exchange for the loan.

Default

This is what occurs when you fail to repay your loan according to your loan agreement.

Fixed Rate Loan and Adjustable Rate Loan

A fixed rate loan is where the interest rate that you pay is locked at a certain rate by the lender for the term of the loan. Adjustable rate loans are where the interest rate fluctuates according to the market throughout the term of your loan.

Lending Agreement

The lending agreement also called a loan contract is a legally binding document that states the terms of the loan between you and the lender.

Loan Term

This is the length of time that you are given to repay the loan. This term can be expressed in weeks, months or years.

Revolving Credit

This is a type of loan, where you are able to borrow and repay up to a specific limit, whilst the loan is active, like a credit card.

Secured Personal Loans

These type of loans will need you to provide collateral to the lender in order to secure the loan.

Unsecured Personal Loans

With this type of loan, the loan amount is secured with your signature and this is the only guarantee for the loan.

You need to know these basic terms so that when you are looking at personal loans, you understand more about what is being offered by the lender.

Money Milestones You Should Hit Before Having Kids

Having and raising children is one of those joys in life but raising children does come with quite a large price tag. Usually, we hear that buying a home is the largest expense that we will take on but raising a couple of children can actually exceed that for many people, especially when you factor in the price of education.

money and kids

However, like most financial decisions, you might want to get everything in order before you decide to have children. Here is a look at money milestones that you should hit before you have kids.

Have a Stable Career

It is vital that you have a secure work situation before you have children. This could be traditional employment, self-employment or a combination of both. You will want to have an established foundation that will be able to support your growing family.

You need to think about the career paths that you can continue on once you have a child and careers that offer a salary that is adequate to cover the expenses of a child as well as your other expenses.

The salary from a job is important, but also look at other benefits like healthcare, maternity/paternity leave, the sick leave or personal leave policy and other such things. After all, you don’t want to have to take a day off to care for a sick child and then find out that you don’t get paid for that day.

Your Disposable Income

The fact is raising just one child is expensive, so you will need to do some calculations so that you can get a better idea of how much a child would cost each year. You can use online calculators to do this. This will determine if you have enough room in your budget to have a child before all the expenses start rolling in.

Making these calculations will give you an idea of how much your disposable income will need to be allocated to raising a child. You can even plan in advance and save up a year or more of these estimated costs so that you are ready to have a child and be able to afford it.

Wait…Here are some more financial milestones…

Create an Emergency Fund

Parenting is an adventure and you can never know what may happen, but it pays to be prepared financially for any unexpected event. Having an emergency fund in place is a true necessity when you have children.

emergency fund

Your emergency fund should be at least three to six months of expenses so that when life’s messes arise like a broken leg or your teens first fender bender, you and your family are protected.

Save for Retirement Before

As children get older, the expenses for them also increases. You should then make sure that you are able to save for retirement before you have a child. Saving for your retirement is solely your responsibility, so being able to contribute to your retirement fund before you have kids helps to secure your future and relieves your children from the financial burden of having to care of you when you are older.

Make Sure You Can Save for Education

Education and especially university is expensive and the cost continues to rise. Many students have to take on a student loan, but these are pricey and can see your child being in debt for years to come.

You are able to relieve the financial burden of education for you and your future children by saving. You need to ensure that you are in a position to save for your kids’ education from the moment they are born or even before so at least by the time they are ready for university, you will be able to pay for it.

If you are not able to save the full amount then you can part pay and perhaps take a personal loan for the rest, that you are able to afford to pay each month. The interest rates on personal loans are lower than other loan types and are flexible in terms of the repayment periods.

Don’t panic if you can’t hit these milestones…

These milestones are of course the best-case scenario, but just because you are not able to hit all of these it doesn’t mean you shouldn’t have children or that you will face financial ruin if you do.

It is best to have a financial plan in place before you have kids, but there are a number of financial products that can help you on your journey when you are raising children. You can consider getting a personal loan for education purposes provided that you can repay the payments or you can use a loan to pay for an unexpected emergency and pay it back over a few months and so on.

After all, sometimes the best laid plans don’t go the way you want them to and you might not be able to plan right down to the second of when you will have kids. Just be aware of the costs involved and see what you are able to achieve and discover ways that you can reduce your financial worries.

Quick Cash When You Need It

Life can throw us all types of curve balls and most of these require money to sort. If you are looking for quick cash, have you considered a cash loan?

online lender

Cash loans are great in times of an emergency because they are there when you need them most. The majority of cash loans can be applied for online, which means you are able to apply for the money you need at any time of day.

You will find a number of online lenders that offer instant cash loans, but if you are looking for a reputable online lender that will find you various loan offers from top South African loan companies then you should use a site like sapayday.co.za. You will just need to submit your information and you will receive multiple loan offers that you can easily compare.

When you are looking at loan offers, you need to compare the monthly repayments, interest rates and other fees associated with the loan offer.

Once you have decided on the loan that is best for you, you can simply apply and you will receive fast approval and fast cash in your bank account.

quick cash

The money that you receive from this type of loan can be used for anything that you want but remember to be responsible with the loan and make your payments on time each month.

Cash loans can be used for debt consolidation, paying unexpected bills, a wedding, education fees, home improvements and anything else that you can think of.

You will also find that a number of online lenders will not even check your credit, which makes approval that much easier. They will accept those with bad credit, no credit, defaults or garnishee orders. So, no matter what your situation is, you can still get the money you need for any emergency.

Why You Should Consider Online Loans

If you wanted to apply for a loan in the past, you would need to visit a financial institution, but nowadays you are able to apply for a loan from the comfort of your home with the aid of the internet.

You are able to apply for an online loan at any time of the day so no matter your situation, you are able to get the money you need when you need it.

online loans

Here are some great reasons as to why you should consider an online loan.

There are Many Options to Choose From

One of the biggest advantages of applying for a loan online is that you have a number of options to choose from. In the past, you would need to drive around to various banks and lending institutions, but now you have access to a number of lenders all in one place. As you have more options readily available to you, you have the freedom to find the best loan option for you.

When you are shopping for an online lender, you will need to do your research, know the amount of money you need and the interest rate that you are able to get. There are sites that will find you multiple loan offers from various institutions, which allows you to compare loan offers easily.

Many online lenders will offer quick approval, which means you can get the money you need in just a few hours.

Super Convenient

Online loans are super convenient, because you can apply whilst sitting on the couch in your PJs if you wanted to. Online loans are also super quick. The application process usually only takes a few minutes and you can receive your loan amount in a matter of hours.

The loan application process is simple and is conducted online making it easier. You just need to know how much you want to borrow and then factor in the repayment into your budget.

Instant Approval

The process of applying for a loan in person can be quite slow. At a bank, once you have submitted your application, you will need to wait for it to be processed and this time might be too long if you need the money immediately.

Online loan lenders offer instant approval because many online lenders will not conduct any credit checks or they will not run a thorough credit check.

Wait…There are still some great reasons below…

Approval is Not as Strict

Banks have quite a strict approval process for loans. In order to get a loan with a reasonable interest rate, you will need to have a high credit score, a solid credit history and your debt to income ratio needs to be low.

loan application

Online loan lenders are less strict, which makes them a great option for those that have low credit scores or no credit history.

Keep Your Finances Private

Some people may find it embarrassing for them to need a loan and they don’t want their friends and family to know that they are in a financial situation. If you go to your local bank then you risk others finding out about your financial hardship.

With an online loan, you are able to keep all your financial matters private. Also, you won’t feel that anxiety or be worried that you might be rejected when you apply for an online loan from your home.

Lower Rates

Banks may offer higher rates and charge more fees than online lenders because they have more overheads to cover, which results in higher rates being offered to applicants.

Online lenders have very few overheads, which means they are able to offer borrowers lower rates and have fewer fees for you to pay. You will usually only need to pay the application fee and the interest rate.

You are also able to get an online loan with fixed rates, which means the repayment won’t fluctuate over the period of the loan. With a lower rate, more of your payment will go towards the principal amount instead of the interest.

Ensure You Have a Budget in Place

Keep in mind that when you accept a loan, you will need to pay the amount as well as the interest.

You should then apply for the lowest amount of money that you can, so that your repayments each month are lower.

Before you decide to apply for a loan, you should create a budget. You will need to determine your monthly expenses and income.

Having a budget in place will help you to determine if you are able to take on another expense. If you are not able to then you might default on the loan, which will damage your credit score and could lead to legal action against you.

Online loans are great, but make sure that you apply through a trusted lender. You need to pay attention to the approval process and the interest rate as well as any other fees charged. If you need money in a hurry then find a lender that has instant approval and same day money.

Online lenders make it easier for you to get the money that you need when you need it. You are able to apply 24 hours a day and receive your money the same day that you applied.

Make Memories with Loans Unlimited

Do you want to travel? Renovate your home? Or just create everlasting memories with your family? Make your dreams a reality with a personal loan from Loans Unlimited.

loans unlimited

As a Platinum Club Member, you are able to find the best loans with the lowest interest rates. You will also receive access to a number of online resources including budget planning, debt management, credit reports and more as well as the free loan finding service, so you can find the loan that suits you.

Loans Unlimited allows you to borrow up to R150 000 with flexible loan terms of up to 72 months.

You can become a Platinum Club Member if you are:

  • A South African Citizen
  • Over 18 years old
  • Have your own South African bank account
  • Have a fixed income of at least R1500 per month

Loans Unlimited offers their service completely online. You just need to fill in the form once and they will source loans for you.

Start making memories with a personal loan from Loans Unlimited.

Should You Get a Loan for Your Wedding

A wedding is a day of celebration and everybody wants their wedding to be memorable and to mark the beginning of you and your partner’s life together. You will want to have a beautiful setting and some great food to help set the mood and share it with friends and family.

wedding loan

However, weddings are expensive and you may not have the money to throw into such a day, but does that mean you should get a loan to pay for your wedding?

Many people do borrow money for weddings, but it does carry risks. So, let’s look at what it means to get a loan for your wedding.

Should You Get a Wedding Loan?

If you decide to take a loan to pay for your wedding then it means that you will go into debt and you will then start your married life in debt, which could cause problems down the road. You want to then get off on the right foot and not have the financial stress that comes with borrowing money.

Ideally, you want to start by building a future with your spouse, for instance, you could save for a home or save to have a child in the near future, start a retirement fund and so on. Those monthly payments that you are paying towards a loan could be used to build your savings.

If You Decide to Borrow

If you do decide to get a loan for your wedding then you need to borrow wisely. The majority of loans, even if they are marketed as wedding specific loans are just personal loans. This means you will not need to pledge collateral against the loan and your income and credit score will influence whether you will get the loan.

You will then need to check your credit before you apply for a loan to make sure there are no errors or negative marks.

If you have bad credit or not enough income to qualify for a loan then you and your spouse could co-sign for a loan. This means that you both equally share the responsibility for the loan and its repayment. This would make you equal partners with an equal responsibility, but if something goes wrong then you will both end up with bad credit.

personal loan

If you want to get the best terms then you need to look for a loan that has these characteristics.

Firstly, an unsecured loan means that you will not have to pledge any collateral so, in the event that you can’t repay the loan, you won’t lose your asset.

Secondly, short term loans can be paid off quicker, which means that you will pay less in interest over the term of the loan. You are then able to get the loan done and dusted with sooner.

Thirdly, a fixed interest rate means that you will know what you have to repay each month until the end of the loan term. This makes it easier to budget for the loan repayment.

Lastly, a personal loan is a one time loan that you pay down over time.

Where You Can Borrow

If you want to get the best rates then a personal loan from a bank or an online lender are the best places to look.

You can also consider a peer to peer lender as they generally offer short term loans with competitive rates. However, if you don’t think you can pay this loan off in a few years then another option might be best.

Credit cards are a risky option to fund your wedding. Credit cards are easy to use but they can easily get out of control. If you have good credit and a plan in place to pay off your loan in 6 months to a year then you could opt for a 0% interest credit card, where you won’t pay interest for a certain period of time, but if you fail to repay the balance within in this time then you will start paying a high interest and may get in over your head.

Wait…You might want to explore some other options…

Alternatives to a Loan

Here are some alternatives to a loan that you could consider to pay for your wedding. If you don’t have the funds to pay for your dream wedding then something will have to give.

Budget and Save

Unless you are getting married in the next month then you will have some time to plan and start putting some money aside to pay.

You should pay for what you can yourself and save. This will develop a good habit for you and your spouse in the years to come.

Family and Friends

There are some people that might feel embarrassed to ask family and friends to help pay for their wedding, but if you are not one of these people then think of creative ways to get help. The simplest way would be to ask for money and crowdfund the wedding.

Another way though would be to ask family and friends to offer their time, skills and other resources. You might know someone that has a beautiful property, for instance, that you could use for your big day, or maybe someone is a chef or you have a great photographer friend. There is no shame in asking for help and your friends and family will be more than willing to help.

Defer Costs

You could hold off on buying an expensive ring and rather start with something that you are able to afford right now and then upgrade later in life like on an anniversary.

personal loan wedding

Make Cut Backs

You might have to consider making cutbacks on your wedding day like having fewer guests, be more modest in your approach or offer a cash bar instead of an open bar and other such things. Your guests will remember the feeling of your wedding and you being happy not the specifics.

You can take a personal loan to help pay for your wedding, but you and your spouse need to know the ins and outs and make sure that you will be able to pay it off once you are married and not let it lead you down a road where you will drown in debt.

Signs You Need to Get a Personal Loan

Personal loans are more expensive than secured loans, but this is because you do not need to put any collateral up in order to get a personal loan. When a personal loan is used sensibly it can completely change things in times of need. A personal loan can ease sudden expenditures like high medical bills, moving costs, credit card balances that have got out of hand or expenditures that are more than what you budgeted for.

personal loan

Financial burdens can be eased through the use of a personal loan when they are borrowed and repaid on time. Take a look at these common uses for a personal loan and see if getting a personal loan is right for you.

Medical and Dental Bills

Health insurance is great to have, but it may not cover everything, which means that some medical bills can start to eat your savings. There are some insurance covers that won’t cover elective surgeries or aftercare, which means you will be stuck with these bills. You are able to use a personal to cover any missed payments for medical or dental bills that you currently have before these defaults start to affect your credit.

Consolidating Your Existing Debt

Credit card debt, small loans and other types of debt can quickly get out of hand. You will need to manage the monthly payments on each debt plus pay different interest rates and you may not be able to keep up with all these payments. A personal loan can be used to consolidate all these debts under one fixed rate loan with a closed end term. This will mean that you will only need to manage a single debt repayment each month with a single interest rate.

Lose High Interest Credit Cards

If you are struggling with a high interest credit card debt then a personal; loan could be your solution. An unsecured loan is more expensive than a home equity loan, but the interest rates will be lower than what you are paying on your credit card. You can use a personal loan to settle the amounts on your high interest credit cards and get rid of these.

Paying for Home Improvements

You can use a home equity loan for remodelling your home or making improvements as this will cost less than a personal loan, but if you don’t have a lot of home equity and you need to make repairs or upgrades then you can get a personal loan. There are some home repairs that can’t wait and if you are remodelling your home or making improvements then you should make ones that offer the greatest return on investment in terms of home value.

Wait…There are more common uses for a personal loan below…

Improving Your Credit Score

If you have consolidated your debts with a personal loan, then you can improve your credit score as long as you have paid the personal loan on time for at least 6 months. If your personal loan pays off existing debt, then ensure that the information about your account has been correctly reported to the credit bureaus. This means making sure that your old debts have been marked as paid.

Paying for a Wedding

Weddings are expensive even if you have a small wedding. Wedding costs include the dress, food, venue, flowers, music and more. You are able to pay for your wedding or just part of it with a personal loan, which will avoid you draining your bank account and your savings account.

Holiday Time

Whether it’s a honeymoon or a trip of a lifetime it can be expensive, but a personal loan is often used to pay for these types of trips. Travel is expensive, but if it’s a once in a lifetime trip and you will be able to pay the loan back then it could be your key to travel to your dream destination.

get a personal loan

Financing a Car

A popular way to finance a vehicle like an RV, car or bike is to use a secured loan, but if you do not have a credit history or don’t have any equity then you can use a personal loan to fund your vehicle. This could be your first loan and can be a great way to start building a credit history.

Paying for a Move

If you are facing a sudden career transfer or a new job in a different city then your savings can take a hit. You can fund an unexpected move like packing boxes, moving vans, a down payment on a new home and other such things with a personal loan.

Pay for a Funeral

This is something that many of us do not like to think about, but funerals can be expensive. A funeral includes a casket, burial or cremation costs, funeral home fees, food, flowers, transport and more. There are many people that buy insurance in order to cover these costs, but a personal loan can help to cover any shortfalls or if you do not have cover to pay for the full funeral costs.

Personal loans can completely change your situation and allow you to pay for things that you were struggling or unable to pay for before. You should keep in mind that a personal loan is only beneficial when you are able to repay the monthly amount on time.