Personal loans can be used for a variety of financial needs. People use them to consolidate credit card debt, pay off medical bills, or even cover large expenses like a home renovation or wedding.
A personal loan can be used for any number of financial purposes, including paying off credit card debt, covering medical bills, paying for moving expenses, or even making large home repairs.
There are many different types of loans that lenders may offer. Most loans have a specific purpose, like a home mortgage or auto loan. Personal loans, however, are fairly open-ended consumer lending products that can be used for a variety of purposes. So why would someone take out a personal loan? For starters, let’s better define a personal loan and what makes it unique and versatile.
When it comes to consumer lending products, there are many options available online with a variety of use cases. For those in need of access to cash that isn’t tied to one specific use (e.g., an auto loan or student loan), there are two main avenues to take that, while somewhat similar, differ in several key aspects. They are a personal line of credit and a personal loan.
You may have heard interest rates are at all-time lows — so why is the average APR on a new credit card account just over 18%? In some cases, American consumers are getting hit with credit card charges of 24.99% or even higher than that.
There are many reasons why a personal loan is an attractive financing option for American consumers. So much so, that it’s the fastest growing consumer lending product in the US, particularly with younger generations.
Whether you classify as a freelancer, a contractor, a consultant, or a budding entrepreneur, those in the self-employed workforce share similar life experiences. Yes, there is the independence of being your own boss, but there is also the responsibility. And often, those responsibilities come with a cost.
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