Personal Loans and Your Budget—What to Know!

Personal loans have many use cases for consumers across the whole credit spectrum—and can be used as a valuable financial tool to spread the cost of a purchase over time. 

Personal loans are a simple and effective way to finance large purchases. Let Fiona match you with personalized offers today.

Personal loans are great for financing a large purchase—such as a home improvement project or moving costs—because personal loans have fixed repayment schedules. Fixed repayment schedules offer you a level of certainty and simplicity. Thus, you can plan ahead to integrate personal loan repayments into future budgets.

Everyone's budget will look different, but at its core, a budget accounts for outgoing expenses against incoming revenue. Budgets are effective for breaking out of the paycheck-to-paycheck cycle, saving for a large purchase, managing debt repayments or generally struggling to meet your financial goals.

Personal loans are great for spreading large expenses out over a significant period of time. Instead of draining savings for a new bathroom upgrade, a personal loan can help spread the cost —helping you feel more financially stable. 

Because personal loans have a fixed repayment schedule, accounting for them is easy. If you can afford your monthly repayments, personal loans are an effective tool to help manage large purchases. The key is to find a loan that suits your budget and schedule.