Dutton Lending Discusses Six Reasons To Get a Personal Loan
Personal loans can be a great way to have money to spend in a short amount of time. With more options than ever online and in person, people rely on personal loans quite a bit to keep everything flowing.
Dutton Lending is an online lender that wants to keep potential customers on the right path toward properly handling finances. They have six top reasons to get a personal loan listed below.
While people can always get personal loans for other reasons, sticking to these reasons makes a lot of sense and avoids unnecessary spending.
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1. Consolidating Debt
Personal loans can be used to consolidate high-interest credit card debt into a single, manageable payment. More often than not, personal loans come with a significantly lower interest rate. That can save a decent amount of money monthly.
Some companies specialize in offering personal loans precisely for debt purposes. Being able to manage everything and see that there’s a way to get out of debt eventually helps out tremendously.
2. Home Improvement Projects
From remodeling your kitchen to adding a deck, a personal loan can cover the cost of home improvement projects. Some home-improvement projects might seem a bit frivolous, but they add value to a home.
It can be a smart decision to get a home looking much better before putting it on the market. While a personal loan will cost a little bit more in the long run than using existing money, the overall value of the home still goes higher than how much the project costs itself.
3. Medical Expenses
Unexpected medical bills can be financially overwhelming, but a personal loan can provide the funds needed to cover these expenses. It’s not something a person necessarily wants to spend a ton of money on, but there are few things more important than health.
Some personal loans offered to individuals for medical expenses can come at a very low-interest rate. Before putting charges on a high-interest credit card or anything similar, explore those options. Dutton Lending has been very good about finding loans for medical expenses that won’t break the bank.
It can be extremely shocking to see the total charges for medical purposes after the fact. Handling it all at once can seem impossible. A loan eases the burden and reduces stress over a high medical bill.
4. Moving or Relocation Costs
Whether a person is moving for a job opportunity or just looking for a change of scenery, a personal loan can help cover the expenses associated with relocating. Getting to a new spot takes time and money, even if it’s relatively close.
The majority of people move because they have a better opportunity somewhere else. While this loan might temporarily set a person back, the pros outweigh the cons if it’s for a job and there’s a chance to make more money. These loans usually aren’t that much, so they can be paid back relatively quickly.
5. Wedding Expenses
Weddings can be expensive, but a personal loan can provide the necessary funds to make a special day everything a person has dreamed of.
Dutton Lending and other lenders advise against funding an entire wedding with a loan. This can get very expensive in a hurry and put a couple in a pretty big hole as they start their life. However, using a loan for a few miscellaneous expenses related to the wedding is a better way to go.
A wedding should always be kept within reason. If a wedding is significantly over budget, it will only cause more and more financial trouble down the road. Too many people think that a personal loan should cover everything, and then they must find ways to save money in other ways. It’s better to use personal loans for longer-lasting options after the wedding.
6. Vacation
A personal loan can finance a much-needed vacation, allowing time to relax and enjoy without the stress of financial constraints. Vacation should happen within reason, much like the suggestion for wedding expenses.
Studies have shown that too much work and not enough time to relax can hurt productivity. If it’s been a long time since there’s been a vacation or travel, it’s worth looking into with a personal loan. It doesn’t have to be a crazy, once-in-a-lifetime vacation, but something small and within a pretty decent budget should be sufficient.
