Types of Funds You Can Raise Through Personal Loans
Auto and Vehicle Loans
If a costly problem comes up with your car, you end up with two choices, buy something new or pay for the expensive repair. In many situations, the repair ends up costing more than the car is worth, and that's not an ideal situation. To get to work many people need a car, public transportation rarely reaches those who live in rural areas. If you can't get to work, you won't have an income, so getting a new or used car is important and easily managed with an auto and vehicle loan.
Debt Consolidation Loans
With many credit cards charging interest rates of 20 to 30 percent, you're wasting your money on exorbitant interest every month. Interest rates for personal loans are often under 10 percent, so you automatically save half of your money, or more, on interest alone.
Home Improvement Loans
If a furnace quits, well dries up, or septic system fails, you are suddenly in need of thousands of dollars. None of these expensive problems are covered by homeowner's insurance. Again, a personal loan gives you the cash you need to get the problem fixed so that you can heat your home, have running water, or be able to use the toilet and take showers. Home improvement loans also help pay for upgrades to modernize your home or add that extra space your growing family needs.
Wedding Channel and The Knot survey newlyweds every year to get the average expenses involved in a wedding. In 2012, the average cost for a wedding was approximately $28,400. That's a hefty expense for the parents of the bride, and it's even harder for a couple just starting out. With a wedding loan, you break up that expense into monthly payments with a low interest rate. You get to have a wedding you'll remember and not have to worry about coming up with all of the money at once.
Couples who want to adopt often find the expense is impossible to manage without a loan. According to the U.S. Department of Health and Human Services, adoptions range in price from $2,500 for a child you are fostering to $40,000 or more for adoptions of foreign children. Few people have that kind of money sitting in their bank account. An adoption loan helps you make reasonable monthly payments so that you don't have to give up your dream of being a parent.
Just answer a few simple questions, and you'll be well on your way to financing whatever you have in mind. From auto loans to wedding loans, an unsecured personal loan makes it affordable and easy to borrow money.