A Better Place to Blog

There’s an old saying, “There’s no such thing as a free lunch.” Turns out, it’s not just lunches that aren’t free. Pretty much everything costs money, and it’s often more than you’d expect it to be.

 

You can easily plan and save for some expenses, but there will always be some hidden costs that show up, seemingly out of nowhere. For these expenses, you may need to borrow money, and a fabulous way to do that is with a personal loan. Here are five ways you might want to use a personal loan.

Love knows no season. When the time is right to get married, it doesn’t matter if a few more months of saving would make a difference. Timing is everything! If you or your child is dedicated to hosting a spring wedding, you won’t be able to pay for it with a Christmas bonus.

 

The average wedding costs approximately $36,000, which likely makes it too much for a single credit card, and the interest you’d pay would make it much more expensive. Even single vendor costs, like event space or catering, may require separate financing. A personal loan will net you a better repayment plan and a better interest rate.

 

You may even be able to bring down the price of those transactions. Instead of putting a deposit down with a credit card, you can offer to pay more of the total cost up front in exchange for a reduced bill. Caterers, tailors and other small business owners are likely to appreciate the simplification of their cash flow. They can pay their employees and purchase supplies without going into debt themselves. They may be willing to pass those savings on to you.

Adopting a child is a fantastic way to show your love to the next generation. It can also be very expensive due to screenings and fees that stand between you and your child. Realistically, costs could be as high as $50,000 to adopt a child in the U.S., and even more to adopt an infant from overseas.

 

Obtaining financing for this process can be very difficult. Unlike traditional big expenses, there’s no collateral; no one can repossess your child if you fall behind on your loans.

 

Fortunately, a personal loan can make this process a reality. Since the terms tend to be short, you can have your loan paid off long before you start thinking about college costs for your new bundle of joy!

The success of shows like “Love it or List it” and other fast-paced remodeling displays has inspired a new generation of people to pick up properties, fix them up and sell them for a profit. For those who are handy and love remodeling, it can be a dream hobby. It can even turn into a full-time job! There’s just one problem: capital.

 

When you buy a house to sell again, it’s likely that you’re borrowing as much as you can to pay for the property. That doesn’t leave much left over for new fixtures, paint or repairs. Some of that can be done cheaply enough, but much of it will require capital. Since you don’t have much equity in the property, borrowing against it isn’t a real possibility.

 

A personal loan can be the answer. With affordable rates and flexible repayment terms, a personal loan can help you finance those value-boosting improvements. Best of all, when you sell the house, you can repay the personal loan early without a penalty!

They say all you need is a great idea to get a business started, but what you really need is a great idea and enough money to get it off the ground. Even the most thrifty of business owners will still face start-up costs in materials, license fees and equipment purchases. While these costs may not be much, it will be a while before your business turns enough profit to recoup these expenses.

 

A personal loan can broaden your timeline to profitability. Instead of being pressured to turn an immediate profit, you can take your time to develop the business. Since your debt servicing is a fixed cost throughout the course of the loan, it’s easy to plan for repayment. You can give your business the boost it needs to get firmly established, setting you up for future prosperity.

If you’ve been chipping away at a mountain of debt and you don’t feel like you’re getting anywhere, a personal loan can be just what you need. Consolidating multiple high-interest debts into a single low-interest monthly payment makes a debt-free life within reach. You’ll be paying more of your debt principal each month instead of interest, and you’ll only have one payment to make each month. When you move a large amount of consumer debt to one personal loan, your credit score will likely improve as well.

 

There are so many ways to use a personal loan! If you’re looking to take out a personal loan, look no further than GSFCU. Our loans offer competitive rates, an easy eligibility process and the helpful service you’ve come to expect at GSFCU. To find out more about our low-interest personal loans, call, click or stop by today.

 

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