What can you use personal loans for?
Well, personal loans can be used for just about anything. Lenders often aren’t interested in how the money will be spent. They do not place restrictions on these loans. However, this doesn’t mean that you should apply for a personal loan on a whim. You should ensure that you have a good reason for applying for the loan.
Some instances when applying for a personal loan is a great option include:
1. Paying for your bills
Are you behind on your bills? These include your mobile phone bills, electricity bills and even your credit card bills. We all know how high interest rates for credit cards can go. You can apply for a personal loan to help you tide over difficult financial times. You can use the personal loan to pay your electricity, phone or water bills and ensure you prevent your utilities from being cut off. This will give you some time to get your finances in order as you repay the loan in installments.
2. Paying for your medical expenses
Treatment for any health condition can be expensive. It can be especially costly in the case of an emergency. Medical bills can quickly drain your savings.
Large amount of money might be needed for medical bills and medical emergencies. Health is precious and if immediate medical attention should be given, it should be given.
If you want to avoid placing a strain on your finances, a personal loan may be just what you need. You can access the funds quickly and without the need for collateral. You won’t have to put a strain on your finances in order to pay your medical bills.
3. Paying for your home improvement or home renovation
Did a section of your flooring give way or did your toilet give problems again? Do you need money to renovate your home in order to increase its resale value?
Rather than dipping into your savings to meet the cost of the renovation, you can opt for a personal loan instead. With a personal loan, there might even be greater flexibility to get all the home renovation and home improvement you desire.
4. Purchasing a big ticket item
Do you want to purchase a big-ticket item such as a new appliance or the latest gadget? Perhaps it is to get the latest Iphone 11 or Samsung Galaxy S10 or a new MacBook Pro?
You don’t have to strain your personal finances to do so. A personal loan will allow you to purchase the item you want and pay for it over time.
5. Paying for your wedding
Weddings in Singapore can be glamorous and costly. Hosting just a table at a hotel costs at least $1,500 so imagine having hundreds of guests. A couple needs to have a substantial amount of funds in order to have the wedding of their dreams. The personal loan can help to make the couple’s dream a reality.
6. Paying for your vacation and holiday
Going on vacation is a very expensive affair. Many Singaporeans are not able to afford it because of the amount of finances needed. The personal loan can be used to facilitate the borrower to go on his or her desired holiday and enjoy a time of rest and relaxation with family and friends.
7. Using personal loans for debt consolidation
Debt consolidation is one of the best ways of assisting a borrower who has several different debts with different interest rates and repayment periods. The personal loan can be used to consolidate all the debts into one major debt, so that it is easier for the borrower to track it and make payments punctually.
8. Paying for funeral expenses
When a loved one dies, the family has the burden of coming up with the funds required for the entire funeral. This includes the cost of the casket, transport costs, and any other expenses relating to the burial. The personal loan can be used to fund these costs.
Personal loans are a convenient way that a borrower can use to finance several needs. However, the applicant should ensure that he or she is able to pay back the loan smoothly.
9. Paying for pet expenses
Having a pet in Singapore can be very expensive. Getting a pedigree in Singapore costs at least $2,500.
There are the costs of buying the pet as well as maintaining it. Maintenance includes expenses such as vet costs, pet food, licensing, and many other similar costs that come with owning a pet. The personal loan will make it possible for animal lovers to own their own pets.