AFCU Blog

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Personal Loans: The Swiss Army Knife Of Personal Finance

Life sometimes throws expensive surprises. To cover them, you’ll need to borrow. If you’re borrowing to finance one of these costly events, consider a personal loan.

Weddings

When it’s time to get married, there’s no waiting for funds! The average wedding costs over $30,000. That’s too much for one credit card – and, of course, the interest would make it a lot more expensive. With a personal loan, though, you’ll have both a better repayment plan and interest rate.

Adoption

This incredible kindness can cost more than $50,000. Obtaining financing for the adoption process can be difficult. Unlike other big expenses, there’s no collateral; no one can repossess your child if you fall behind on your payments.

A personal loan can make this process a reality. Because the terms are short, you’ll pay off your loan in a relatively short time.

Short-term house sales

If you’re willing to work hard, you can make money by purchasing dilapidated properties, fixing them up and selling them for a profit. The only problem with this dream hobby or full-time job is capital.

When you buy a house to sell again, you’re likely borrowing as much as you can to pay for it, leaving little money for fixing up. Also, since you don’t have much equity in the property, borrowing against it isn’t possible.

A personal loan can be your answer. With affordable rates and flexible repayment terms, it can finance those improvements. And when you sell the house, repay the personal loan early without a penalty!

Launching a small business

If you’re a new small-business owner, you’ll face start-up costs. These costs may be small, but it will be a while before your business turns enough profit to recoup these expenses. A personal loan can broaden your timeline to profitability and afford you time to grow your business.

Extra education expenses

Your student loans may not cover all your educational costs, such as textbooks and supplies. If you’re wondering how you’re going to fund these extra costs, consider taking out a personal loan. You’ll pay for these expenses up-front, with a loan you can budget for going forward as it’s a fixed expense.

Need a personal loan?  Contact us at Loan@AcclaimFCU.org or apply online here.

 

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