Reasons you May Need to Get a Personal Loan

Getting a loan used to be seen as a very scary prospect.  Nobody wants to think they owe somebody something.  It can be a daunting thought owing out large sums of money – however in the modern world it has become much more commonplace – and can provide you with much more options in life.  There are lots of reasons why you might need to opt to get a personal loan, and how it could help you achieve some of life’s milestones.  We list some of them below.

 

A Wedding

Weddings come in all shapes and sizes, however if you are looking to fund a dream wedding with a lot of hungry guests – the cost can mount up.  You need to think about the venue, entertainment, food for guests, favours – and everything else on what seems like an endless list.  A personal loan could be a great way to fund this – so all you need to worry about is the planning.  Although it’s traditional for family members to chip in and help you pay for this – not all families are in the financial position to do this.  This will take away that burden and allow everyone to simply enjoy the day.  Make sure you do your budgeting before you research your loan, so you know how much you will need – and try not to go over it.

 

A Deposit for a Home

Getting on the property ladder is something that can be difficult in this day in age, with the average age of people getting their first property being over 30.  Although there are now shared equity schemes that have been introduced by the Government – if you are buying your house and want sole ownership, getting a loan could be the best option.  You can get loans for varying amounts depending on the value of house you are going for.  For instance, through the company Citrus Loans, you can borrow anywhere between £2000 and £25000 which you can learn more about through here: https://www.citrusloans.co.uk/personal-loan.

You of course need to disclose any outstanding loans, credit card debts etc with your mortgage provider, and they will be able to advise if this would affect your application in any way.

 

Home Renovations

It could be that you are in your forever home, and you want to make it comfortable for you, or it could be that you want to move and want to renovate to get your existing home sold more quickly. Either way, you could use a personal loan to fund these home improvements.  Make sure you do a checklist of things that you want to do before looking into your loan amount and get accurate quotes.  For example, if you are looking to get your kitchen or bathroom done – make sure you get tradesmen in to give you quotes to give you an accurate idea of how much money you may need.  The thing with home improvements is they tend to go over budget, so plan things out clearly. You can learn more about the costs associated here: https://www.realhomes.com/advice/house-renovation-costs.

 

A Dream Holiday

Have you always had a dream holiday in mind, but never had the opportunity to go on it?  Life is for the living – and if it’s a cost issue holding you back, then looking into a personal loan to fund it could be an option worth looking into.  That way you can pay your holiday up over a longer period of time, and you can look for low interest rates.  It could be a once in a lifetime experience that you will never forget.  A personal loan can help you make some memories.

 

To Consolidate your Debt

It could be that you have a lot of debt, spread across different loans and credit cards.  This can be difficult to manage, and there is also no end in sight.  A personal loan can help you consolidate all of that debt.  That way, you can make just one monthly payment rather than several, and there is an end date in sight as to when your debt will actually be paid off. 

 

Private Healthcare

If you or a member of your family are in need of some kind of medical procedure or care – it could be that you don’t want to be on a long waiting list with the NHS and want to go private.  If you don’t already have a private healthcare plan, it can be expensive depending on what you need.  If you get a personal loan to pay for this – this will no doubt give you added peace of mind you need.  Often you can get consultations that will be able to give you a fairly accurate ballpark of the amount of money you would need to raise to go private. 

These are just some of the reasons why you might look to get a personal loan.  Although some people worry about the thought of it – it can help you with some of those life changing moments.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.