For some people, covering a large expense means setting up a payment plan that could extend for multiple months, if not years. In those instances, personal loans can help potential borrowers fund large transactions with transparent fixed terms.
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By taking out a personal loan, borrowers can obtain the funds they need up front, and then repay the lender on terms that match their month-to-month budget. Below are three typical large expenses where a personal loan can come in handy.
Life is full of celebrations. Weddings, anniversaries and graduation parties are just some of the milestones that mark our passage through life. When people can’t afford every expense in their event budget upfront, a personal loan can be useful for covering a bulk cost. This allows the borrower to fund a major, time-sensitive expense (e.g., reserving the event space) right away, which they can then pay off in smaller, monthly installments over time.
Travel can be expensive and difficult to budget due to unforeseen expenses. Having said that, planning a dream vacation doesn’t have to be out of reach for those who can’t pay for the entire trip upfront. A personal loan can help a borrower cover costly payments like air travel and hotels, while allowing them to use savings to budget their day-to-day expenses.
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For most homeowners, their equity is their greatest source of collateral. Taking out a personal loan to pay for home renovations can help protect or increase the equity by raising the house’s property value.
Personal loans can be a great financial tool to help people cover expenses they wouldn’t otherwise be able to afford. For those in need of a personal loan, Fiona matches you with offers that align with your financial circumstances.