6 Ways You Can Use A Personal Loan this SummerChelsea Rogers
Summer is a time for fun and excitement, but it can also be super expensive. This can be a season of major life changes like household moves and weddings. Plus, you may just be looking to purchase that boat you’ve been eyeing, along with going on a dream vacation!
Before you start swiping the plastic for everything under the sun, a personal loan could help you better stay within your budget. When you use a personal loan instead of racking up credit card debt, you are making a responsible choice that can positively impact your finances for years to come.
To help you accomplish this, here are six ways to responsibly use a personal loan this summer.
1. Getting married on a budget
According to Brides.com, the average budget for a wedding is $20,000. That’s a whole lot of money you may not have sitting around!
If you’re tying the knot this summer, consider taking out a personal loan to help cover your wedding costs. Use your loan to fund the larger expenses, such as your rings, wedding dress, and venue or to cover the smaller costs like the flowers, travel arrangements, and photographer.
2. Purchasing a vehicle
If you’re looking to buy a new or used car this summer, an option you may not have considered is a personal loan. Similarly, if you’re interested in purchasing a boat, ATV or an RV this summer, a personal loan can help you turn that dream purchase into a reality.
3. Consolidating debt
Since summer is all about freedom, what better way to feel free than getting rid of that nagging credit card and student loan debt?
Paying off multiple loans and credit card bills each month can make you feel like you’re fighting an uphill battle thanks to skyrocketing interest rates. Wouldn’t life be simpler if you only had one debt with a nominal interest rate? A personal loan can make that happen.
A personal loan can be used to pay off all your credit card and other outstanding debt. With a single loan to pay off with a manageable interest rate, you’ll be able to make steady progress toward living a debt-free life.
4. Taking a dream vacation or funding education expenses
Perhaps the road trip you take every summer is getting stale, and you’re ready for a luxury cruise or trip abroad. You might be celebrating a milestone anniversary or college graduation or maybe you want to cross something off your bucket list. However, your budget is not equipped for the tens of thousands of dollars you need for your dream getaway.
A personal loan can help you fund the trip of your dreams with a payment plan you can afford so you won’t need a vacation from debt when you return.
5. Home Renovation
When the weather warms up, homeowners want to upgrade their homes. Whether it’s installing a swimming pool, giving your kitchen a complete makeover or turning your garage into a guest suite this summer, a personal loan can make it possible. Personal loans may be a better option for homeowners who don’t have a great deal of equity in their homes and consequently would not be a good candidate for a fixed Home Equity Loan (HELOC).
6. Funding medical expenses
If there are medical procedures you’ve been putting off because they’re not covered by your health insurance plan, a personal loan can help you look and feel great this summer. A personal loan can help borrowers fund elective cosmetic surgery, dental work, fertility treatments and consulting with alternative practitioners about chronic health conditions.
If you’re making a big life change this summer or ready to take your dream vacation, Scott Credit Union can help! Contact us to ask how you can get started on your personal loan application. We’re always here to help make your summer dreams come true.