Deciding to open a personal loan comes as a great commitment, but it can also serve as one of the best solutions for any planned or unplanned financial expenses. The money for a personal loan can be borrowed for any variety of purposes such as consolidating debt, paying for home renovations, or planning a dream wedding or vacation. Greater Niagara Federal Credit Union helps our members get the funds they need for life’s milestones and big moments, so keep reading to find out more about the uses and benefits that come with deciding to take out a personal loan.
What can you use a Personal Loan for?
Well, the answer is technically anything you want — a personal loan is for personal use so the choice really depends on you and your needs at the time. However, there is a common list of uses that typically prompts individuals to take out a personal loan. This list includes:
- Moving Expenses
- Debt Consolidation
- Medical Bills
- Wedding Expenses
- Home Renovations or Repairs
- Funeral Costs
- Vacation Costs
- Unexpected Expenses
Personal loans are one of the most common alternatives to paying for the above purchases on a credit card. Credit cards are great for smaller purchases and gaining rewards points, but using them for bigger expenses can quickly rack up high-interest debt. This actually makes a personal loan the more affordable alternative.
Benefiting from a greater Personal Loan.
The main draw of a personal loan is in its simplicity and versatility. In addition to being able to use the money for nearly anything, the terms are clear as you know exactly your payment amount and how many payments need to be made. For example, when consolidating debt, instead of making monthly payments for each form of debt, a personal loan allows you to have to make only one clear payment. In addition, if you need to pay off medical bills, a personal loan allows you to do so at a lower rate, actually saving money in the long run.
Applying for a Personal Loan with Greater Niagara Federal Credit Union.When becoming a member of Greater Niagara FCU, we offer two flexible personal loan options — an unsecured personal loan with low competitive rates and flexible terms, or a share secured personal loan which can help build up your credit score. If you think a personal loan is right for you, apply today to start consolidating debt or making your dream purchases.