7 Ways to Use a Personal Loan in Different Way
Introduction • •
No matter how much we earn, there’s always want of more.
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Personal loans can easily solve all your financial needs. They are easy to acquire and have a short tenure so you can pay up loans quickly as well.
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An additional benefit of getting a personal loan is that it can help you increase your credit score as well.
We can’t always use up our savings for everything we want and hence the need for personal loans.
• One thing about personal loans that keeps people from getting them is the high interest rates.
• Personal loan interest rates are high because these are unsecured loans,
that is, a borrower does not need to keep anything as collateral or guarantee to get these loans.
• This is both a good things and a bad one because this results in high interest rates.
• There are many types of personal loans in the market today. • You can use your loan any way you like as there is no stipulation as to how you use the loan amount.
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Here are a few things and situations in which personal loans can come in handy.
Travel Plans • Taking holiday loans or vacation loans is not out of the ordinary today. • Nobody wants to go to Manali or Nainital for holidays anymore. • We want to explore the mountains of Switzerland, take a road trip through Spain or lounge in Greek villas in Santorini.
• These holidays do not come cheap. A personal loan for travel can help you take your dream vacation without emptying bank accounts.
Education • Education loans can help you pay for your tuition and sometimes for your on campus accommodation.
• But those aren’t the only expenses that you have to deal with when you go
abroad, you need to spend money of accommodation, daily necessities like food, medication, commute and so on.
• All this can add up to quite an expense and this is where a personal loan can come in handy.
Medical Needs • Health insurance does not cover voluntary procedures like dental surgery, cosmetic surgery or voluntary preventive surgeries like hysterectomy, mastectomy.
• These procedures can be very expensive and a medical loan in the form of personal loan can help you pay for them.
Weddings • Weddings in India are expensive. • We want our weddings to be the best, most extravagant day of our lives. • From the most exclusive outfits, to exotic locations, grand décor and a unique variety of food.
• People end up spending their lives savings to fund weddings. • Wedding loans in the form of personal loans is the best way to splurge on your wedding without worrying about depleting savings.
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