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Taking out a personal loan when you need cash

February 5, 2019

Sometimes things happen in life that require a lump sum of cash When you run out of money, you may find countless reasons why you need quick cash. However, your options for making money quickly may not be so endless. If you have ever tried taking out a loan the conventional way, you may understand the difficulty. On the other hand, personal loans can be taken for any reason under the sun with no collateral. Here are some of the best uses of personal loans which prove they are your best bet when cash-strapped.

Pay off credit card debt

Credit cards are one of the most costly forms of credit available to consumers with rates anywhere between 12-30% leading many people into a debt trap with seemingly no light at the end of a tunnel. A personal loan can be used to payout and close the credit card, get the debt on to a lower interest rate and give you a definitive timeline to have the debt paid off.

Buy a car or boat

So you’ve seen the car of your dreams and you have to have it now.. a personal loan can help you have it. There are both secured and unsecured options when it comes to buying things like cars and boats. A secured personal loan will give you access to lower rates than an unsecured personal loan. There are a plethora of personal loan types on the markets so it is best to use a broker to ensure you are getting the most suitable loan.

Attend to emergencies

Your pet could fall sick or worse still you get injured and need some cash quickly. If starting a Go Fund Me Page is not your thing, a personal loan could be just the answer you need. In most cased personal loans can be approved quickly (within a couple of days) to give you the access to cash you may need in an emergency.

Fund lofty aspirations

Weddings are lofty aspirations, especially for women, but don’t always come with the necessary finances. A personal loan can cover anything from the wedding ceremony, the engagement party and the bride’s dress to the venue and the wedding coordinator. Just make sure that you have a solid payment plan before taking out the loan.

Improve your credit score

Credit bureaus calculate your credit score based on your conduct on credit facilities is your name. If you don’t have a credit history or have an adverse credit history a personal loan could be one step in demonstrating to other lenders that you are credit worthy whilst boosting your credit score. Of course you need to make payments on time or your credit score will head south!

Call Empowered Finance today if you need complimentary finance advice or education on personal loans.

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