Master Your Finances: Personal Loans For Excellent Credit Unveiled – Heidi Rivera Arrow by Heidi Rivera, Author of the Right Book, Personal Loans Heidi Rivera is a financial writer and journalist. His areas of expertise are personal loans, student loans and debt consolidation, as well as data collection and analysis. Connect with Heidi Rivera on Twitter Connect with Heidi Rivera on LinkedIn Linkedin Heidi Rivera Connect with Heidi Rivera by email
Edited by Hannah Smith Arrow Right Editor, Personal Loans Hannah has been edited since late 2022. They aim to provide the latest information to help people navigate the complexities of debt and make the best financial decisions. Hannah Smith
Master Your Finances: Personal Loans For Excellent Credit Unveiled
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A personal loan is a type of payday loan, typically with a higher interest rate than most credit cards, but offers the same flexibility. You can use a personal loan for almost anything: from financing high-interest loans to financing home improvements.
A personal loan can be a useful tool for getting the money you need in different situations, but it may not be the right solution for everyone. You need to analyze your specific situation and decide whether applying for one is right for you.
It is always important to consider your financial situation and credit score before taking out any loan. That said, sometimes a personal loan is the best way to pay for a big purchase or project you can’t afford.
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One of the most common reasons behind taking out a personal loan is delinquency. When you apply for a loan and use it to pay off several other loans or credit cards, you consolidate the outstanding amount into one monthly payment. This split of the bill makes it easy for you to create a schedule to pay your balance without cancelling.
One of the main advantages of using a personal loan over a credit card loan is that not only do they come with a fixed rate – which protects you from market fluctuations – but the interest rate is generally lower. The average personal loan carries an interest rate of over 11 percent. Meanwhile, credit cards carry an average of 21 percent.
With low interest rates, you can lower your interest payments over time, which not only saves you money, but also helps you get out of debt faster. To get the best rate, you must have good credit and your lender or co-signer meet these criteria.
Using a personal loan to pay off high-interest debt, such as credit card debt, allows you to consolidate multiple payments into one, potentially lower interest rate.
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If you need extra cash until your repayments are due, using a personal loan instead of a payday loan can save you hundreds of dollars in interest fees. Depending on your situation, the interest rate on payday loans can be over 600 percent. The maximum interest rate on personal loans is usually 36 percent.
Payday loans have a short payment period, usually between two and four weeks before the next payday. This short processing time makes it difficult for borrowers to repay the loan on the due date. Borrowers are instead forced to refinance the loan, adding interest to the principal. This increases the total interest charged.
On the other hand, personal loan repayment terms range from 12 to 84 months, giving you more flexibility to pay off your balance without incurring any additional fees.
Homeowners can use personal loans to improve their home or complete important repairs, such as fixing plumbing or replacing appliances.
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A personal loan is perfect for people who don’t have equity in their home or don’t want to get a line of credit (HELOC) or home loan. Unlike equity products, personal loans usually do not require you to use your home as collateral as they are unsecured. Additionally, personal loans typically have a faster repayment period and can be a better option than a HELOC or home equity loan if you’re looking to make minor repairs or renovations.
A personal loan can help you pay for home improvements if you don’t have equity in your home or if you need to borrow less.
City moves cost between $882 and $2,544, while long-distance moves range from $2,700 to $10,000, according to Angi. If you don’t have that kind of money, you can take out a personal loan to pay for the move.
A personal loan can help you move your property from one place to another, buy new furniture, move your car across the country and cover other expenses. Using a personal loan for travel expenses can help you stay afloat if you’re relocating without a job. This way, you can avoid raiding your savings or emergency fund.
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If you cannot afford all the expenses associated with long-term travel, a personal loan can help you meet those expenses.
An emergency — such as an unexpected medical bill — is another common reason to get rid of your personal debt, especially if your doctor wants to pay in full. After talking to the hospital, doctor and insurance company, you may need an emergency loan for unexpected medical expenses.
Accidents around the house, such as a burst pipe, can require immediate cash while you wait for insurance payments. If you owe a repayment, note whether there are early payment penalties.
Because they can be paid off quickly, personal loans are a great way to cover emergency or unexpected expenses.
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A personal loan allows you to fully cover run-down car repairs or the purchase of appliances and electronics.
