13 Reasons To Get A Personal Loan

If you’re like most Americans you probably have at least one or two credit cards in your wallet, so the thought of using a personal loan to help finance some of life’s ventures may not have crossed your mind. Before you swipe your credit card for your next major purchase or expense, consider applying for a personal loan instead. Personal loan interest rates are usually lower than credit cards, making it easier and cheaper to pay off your debt. In addition, it is easy to apply for a personal loan online with Launch CU’s personal loan application.

A personal loan could help you:

• Consolidate Debt:
  If you have credit card debt spread out between a number of credit cards, consider applying for a personal loan to help you consolidate your debt. Personal loans typically have lower interest rates than credit cards, so moving your credit card debt over to a personal loan could help you get out of debt faster and save money in interest charges. In addition, it will help you be more organized since you will reduce the number of bills you receive each month.
• Build Credit:
  Your credit score is a mighty little number that helps determine your ability to obtain a mortgage, car loan, credit card, etc., as well as the interest rate you receive. The higher your score, the lower rate you will likely get. Taking out a small personal loan and making the monthly payments on time can help improve or build your credit score.
• Wedding:
  Are wedding bells in your near future? Personal loans can be a great way to help fund costs associated with weddings. Utilize a personal loan to help pay for your venue, wedding dress, or catering. You could also use a personal loan to fund your honeymoon. A personal loan will provide you with flexibility and ease of mind during this busy time.
• Car repair:
  Let’s face it, car repairs can be costly. Car issues usually present themselves at the most inconvenient times, and repairs are usually anything but cheap. You need a car to get to work, take the kids to school, and go to the grocery store. You can’t afford to be without a car. A personal loan could be a good option to help you cover the costs of a pricy repair, and ensure you do not have to sacrifice your freedom.
• Car tires:
  Launch CU wants you to be safe on the road. That means investing in new tires needed. Tires can be quite costly, and can be difficult to work into your monthly budget. Consider applying for a personal loan to help buy new tires, while also keeping you safe on the road!
• New Appliances:
  Did your refrigerator suddenly stop working? What about your dishwasher, dryer, or washer? These necessary household items can stop working at any time, and in most instances stop working at the most inconvenient times. Appliances can be very costly, and many times it’s difficult to shell out the necessary funds all at once in addition to other monthly financial obligations. Before you buy these appliances with a credit card, consider applying for a personal loan. A personal loan could allow you to pay less in interest, and also span out your payments over a longer, set period of time.
• Funeral:
  Funerals can be very expensive. Funerals are a very stressful, and highly emotional time. A personal loan could be the right option to alleviate stress during this emotional time, and help fund your loved one’s casket, service, or reception.
• Moving:
  Moving is not only time consuming, but also stressful when taking into account all the costs associated with it. According to the Las Vegas Review-Journal,S. News reported that the average cost of an intrastate move is $1,170, while the average move to a different state is $5,630. You may consider putting these charges on a credit card. However, before doing so be sure to check the interest rate on your credit card. You could end up paying much more for your move overall with a credit card if you do not pay the balance off in full. A personal loan could be the right option to help pay for professional moving services, a moving truck, boxes, storage units, etc., with affordable monthly payments and a flexible term.
• Buy a new computer for school:
  A computer is a necessity to complete homework assignments and research. If you’re a student, you may not have the money to pay for a computer upfront. School is stressful enough without having to worry about how to pay for a computer. A personal loan could help relieve some stress, and provide you with a computer to aid in school work.
• Vacation:
  It’s important to get away once in a while. A personal loan can help fund your vacation, providing you with that much needed break from your busy, everyday schedule. Utilize a personal loan to help pay for plane tickets, hotel reservations, a cruise, or anything you want
• Home improvements:
  If you do not have enough equity in your home necessary to get a home equity line of credit (HELOC), a personal loan could be a great option to help fund your home repairs. It may be tempting to purchase necessary materials and tools with a store credit card, but doing so could cost you more money in the long-run. A personal loan will provide you with a fixed loan rate and term so you know exactly how long it will take you to pay off your debt.
• Medical bills:
  Unfortunately, medical emergencies can happen at any moment. If you have an abundance of medical bills, a personal loan could be a great option to help you pay them off. In addition, a personal loan could be used to help pay for your upcoming dental or medical procedure.

There are other instances where getting a personal loan could be beneficial. With the plethora of financial products and services available, it’s important to do your research before making any financial move in order to determine which option is best for you. Every person is different, and every situation is different.

3 Instances Where You Should Not Apply For An Unsecured Personal Loan.

1. Take A Lavish Vacation: We just stated a personal loan is a great way to finance a family vacation, but the key here is not to go overboard. Before you book a lavish trip to Paris, make sure you would be able to make the monthly payments on top of your other monthly financial obligations without putting too much a strain on your finances. Use your best judgement here.
2. Gambling: It is not a good idea to apply for a personal loan for gambling purposes. If you were to lose the money, you would be out much more than the original loan amount.
3. Shopping Spree: A shopping spree at your favorite stores at the mall is not the best use of a personal loan. If you cannot afford that expensive pair of shoes without applying for a personal loan, it is probably best to save your money each month until you are able to pay for them outright.

An unsecured personal loan can be a great tool to help you pay off debt faster and more efficiently; however, use your best judgment before you apply for a personal loan in Brevard or Volusia County. A personal loan will provide you with flexible repayment terms, and a lower interest rate than most credit cards. If you have questions regarding Launch CU personal loans, or if applying for a personal loan would make sense given your specific purposes, stop by any Launch CU branch in Brevard or Volusia County to speak with a friendly loan specialist. Our goal is to always help you go beyond.