11/22/2022
We could say that there are literally a thousand and one reasons to apply for a personal loan, but we should not exaggerate so much. The need for money is undeniable and everyone can think of at least 10 reasons to use a little extra cash.
For that reason, we tried to narrow down as much as possible this broad list to frequent causes such as:
Refinance debts
It is quite common for people to want to pay off what they owe through personal loans, consolidating their debts. Although it means having a larger commitment, it also means being left with only one debt, with fixed installments and better interest rates.
For example, if you owe $10,000 on 3 credit cards with an average rate of 20%, it would be helpful to get that amount for 15% or less and pay off those more expensive balances.
- Amount: between $ 7,500 and $ 100,000
- Term: between 4 years and 6 years
- Interest: 6.39%
- APR: 6.39%
- Amount: between $ 3,000 and $ 100,000
- Term: between 1 year and 7 years
- Interest: Ask
- APR: 5.74%
- Amount: between $ 7,000 and $ 50,000
- Term: between 3 years and 5 years
- Interest: 8.42%
- APR: 8.42%
- Amount: between $ 3,500 and $ 100,000
- Term: between 2 years and 5 years
- Interest: 8.19%
- APR: 8.19%
- Amount: between $ 2,500 and $ 40,000
- Term: between 3 years and 7 years
- Interest: 7.99%
- APR: 7.99%
Paying for moves
It is not uncommon for moving to another state to cost enough to take out a personal loan. This financing is often used to move old belongings, buy new ones that you have had to leave behind, transport the car and any other expenses involved in this process.
Paying off taxes
This applies to those who own a business and must pay estimated quarterly taxes to the government. Especially when you receive seasonal income, you may not have enough funds to pay in April, June, September and January.
If you expect to pay those balances in full, you can turn to a credit card, but a personal loan may be a much less expensive option.
Repairing or renovating a home or property
This reason can be based on several things at the same time. Maybe your home needs new paint, repair of a damaged structure, insulation renovation or you simply want a swimming pool.
All of that is not cheap and requires you to have a good amount of savings. That's why many people turn to a personal loan to deal with these types of expenses or, even better, a home equity loan or line of credit with lower interests.
Take care of unforeseen incidents
There are many force majeure situations that force us to disburse money without having time to think about it. Medical expenses due to your own or a family member's illness, the death of a loved one, damage due to a natural catastrophe or a car repair not covered by insurance.
These are emergencies that often catch you unprepared and when you do not have sufficient funds, an alternative is fast online loans.
- Loan amount: between $ 100 and $ 35,000
- Term: entre 7 days y 12 months
- Extra:Interest rate between 6.63% and 485% APRAddress: 1125 E. Broadway #545, Glendale, CA 9120
- Loan amount: between $ 200 and $ 50,000
- Term: entre 15 days y 120 months
- Extra:Quick online loans up to $50,000
- Loan amount: between $ 500 and $ 50,000
- Term: entre 15 days y 120 months
- Extra:Fast loans up to $50,000 for whatever you want.
Interest rates from 6% to 439% APR
Finansi Group SL - Calle de las Barcas 2 Piso 2, 46002, Valencia
- Loan amount: between $ 500 and $ 10,000
- Term: entre 3 y 1728 months
- Extra:Fast online loans even with bad credit.Interest rates between 5.99% and 35.99% APR
3315 E Russel Rd Ste A-4 Box #105, Las Vegas, NV 89120
- Loan amount: between $ 500 and $ 10,000
- Term: entre 3 y 36 months
- Extra:Interest rates between 5.99% and 35.99% APRAddress: Chief LLC, 2661 N Pearl St #431 - Tacoma, WA 98407
Costing for a significant event
Some cultures celebrate more than others, but there are always reasons to celebrate a holiday. Whether it's a christening, communion, 15th birthday, graduation or wedding, these events don't pay for themselves.
Those who manage some planning have surely anticipated these circumstances. Those who arrive with little money on the date know that they will have to resort to good financing to pay for all the preparations for the big occasion.
Starting a business
Starting in the business world as an entrepreneur implies having a certain amount of capital to validate the business model before the market. The process of starting from scratch or with the help of family members will require a certain amount of capital to implement the actions to materialize your idea.
Often, you will have to invest in prototypes, market research, staff, equipment, consultants and more before a business angel or investor will see you as a candidate for a successful product.
Make a big purchase
You can't miss the reason that sometimes dominates our sanity and complicates our personal finances: to treat yourself. Perhaps the most frequent, it can be a long-awaited vacation, the home audio system to watch the Super Bowl, buying a new or used car, Christmas shopping, etc.
We are in favor of personal loans well used and with a planning that supports them. If you want to find the best options in the market, you can use Busconomico's help.
Español: Para qué puedes utilizar un préstamo personal