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A personal loan is a fixed-rate, unsecured loan typically from $1,000 – $100,000. Personal loans can be used for any of your financial needs – from debt consolidation and credit card refinancing to home improvements and weddings. When you borrow a personal loan, you receive a lump-sum payment upfront, and then you pay off the personal loan in monthly installment payments. The typical repayment period for the best personal loans are one to five years, although some personal loan companies may allow for shorter or longer time periods.
Here are some popular ways to use your personal loan:
You can use a personal loan for debt consolidation, including for medical bills or other outstanding bills. Personal loans help you consolidate debt into a single loan with a single monthly payment. The goal of debt consolidation is to organize and manage debt into one monthly payment and lower your interest rate to save money.
Credit Card Refinancing
Credit card refinancing, or credit card consolidation, is one of the most popular ways to use a personal loan. The goal of credit card refinancing is to lower the interest rate on your credit card and save money. When you consolidate credit card debt, you combine your existing credit card debt across one or more credit cards into a new, single personal loan with a fixed interest rate. With a personal loan, you’ll have a fixed interest rate, which is more predictable than a variable interest rate that can change over time.
Personal loans are a popular tool to increase the value of your home. From materials to contractors, a personal loan can help you cover the cost of home improvement whether you choose to remodel, repair or build.
Weddings are a major life event that can have a big price tag. You can use a personal loan to cover the costs of a wedding and pay over time.
Your next vacation may be closer than you think. Whether you’re planning a honeymoon, anniversary, birthday, family trip, celebration or fun getaway, a personal loan can help you fund your special trip.
Moving is a ton of work and the costs can add up quickly. A personal loan can help make your move smoother. From supplies to movers and storage to travel, a fixed-rate personal loan can help get you where you need to go.
For your next major purchase – from medical procedures to a new boat – invest in your future.
Start a new business to build a new beginning. A personal loan can provide start-up capital for everything from office space and inventory to marketing and a website.