Times are tough, but a personal loan from a trusted lender can help in a pinch. According to a recent report from CNBC, “the battle against inflation is not over […] some 70% of Americans admit to being stressed about finances.” They go on to note that “only 45% of adults said they have an emergency fund. For those who do have emergency savings, about 26% polled said they have less than $5,000 saved.” If you find yourself in this situation, and faced with an unexpected expense, a personal loan from a trusted lender may be a potential real lifesaver.
When Might a Personal Loan Be a Good Idea?
There are many reasons why you might seek out a personal loan to cover unexpected costs. Imagine you are burdened with high-interest credit card debt, for example, or a loved one’s student loans, and are living paycheck-to-paycheck when you are faced with a sudden veterinarian bill or broken hot water heater. A personal loan could help you pay that bill, and additionally pay down some of your existing debt to more manageable levels.
Proactively consolidating your debt via personal loan may help lower your monthly debt payments, which could be a great way to help you stay financially nimble and plan for the future ahead. Consider that with the money saved on high interest payments, you might be able to start saving up for a child’s education or future home down payment. Alternately, you might apply now for a personal loan at the same time as you apply for a home loan, to fund a renovation or other planned moving expenses.
A loan officer may assist you with any questions you may have regarding the utility of a personal loan, or any questions you may have about qualifying.
Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
