How to Use a Personal Loan

People apply for credit cards and borrow money for a wide variety of reasons, and in turn, you’ll find that there are loans that are tailored for specific purposes; for instance, many credit unions offer their members mortgage loans, home equity loans, auto loans, business loans, and more. However, personal loans can be used for a number of specific reasons, and can come in handy when you need a bit of extra cash flow. While homeowners may be able to take advantage of home equity loans for such reasons, credit union members who do not own a home can look into personal loans for unexpected events and an influx of funds at low rates.

If you’ve asked yourself whether a personal loan is a necessity, consider these reasons why it might be a good idea for you:

An unexpected expense you might not be prepared for.

No one knows what the future holds for us, and what it holds might end up costing a lot of money. You might be facing a significant medical expense from an illness or injury; a family member or close loved one may have passed away and you’re facing the costs of a funeral or memorial service; a natural disaster might have caused damage to your home and your homeowner’s insurance won’t cover the cost. In any case, a personal loan might help you get through any of these events. 

Making simple upgrades to your home. 

Are you considering giving your home a facelift, but don’t have the money to cover it? A personal loan could be beneficial in financing this activity. Whether you’re making necessary repairs for safety and efficiency, or you just want to give the walls of your home a fresh coat of paint, a personal loan from Polam can help get the job done.

Consolidating your debt. 

Many of our members consider a personal loan for debt consolidation, which can help them pay off what they owe quicker and more efficiently, and can help rehabilitate their credit score. These loans can also consolidate high interest rates to help you save. 

Covering the costs of being a college student. 

It’s no secret that the cost of higher education in the United States can be expensive, and tuition is just part of those costs. If you or one of your family members is considering attending a two or four-year college, one of our personal loans can help you pay for some of your non-tuition college expenses without having to rely on high-interest student loans, such as books, room and board, and transportation costs.

We encourage our members to visit one of our branches, or give us a call if you’re interested in learning more or applying for one of Polam’s personal loans. Members can also visit our website to learn more about our current interest rates, and how our loans can benefit you and your needs.