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Thrifty Tips - When to consider a personal loan.
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Tuesday, January 26, 2016
Greetings Thrifty Friends,
Personal loans aren't always a good idea. Unlike a mortgage or a car loan, personal loans are usually 'unsecured' which means the interest rate will probably be higher. However, there are a few circumstances when a personal loan is your best option.
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TODAY'S THRIFTY TIP:
Consider a personal loan to...
Consolidate Credit Cards
If you have one or more credit cards that are charged to the max, you could get a personal loan to consolidate all the charges into one monthly payment. If you are paying 12 or 13 percent on a credit card, 8 or 9 percent on a personal loan is a great idea.
Finance a Purchase
If you're going to take out a loan anyway, getting a personal loan and paying the seller in cash might be a better deal than financing through the seller. Ask the seller for an offer and compare it to what you could get through a personal loan. Then you can decide which is the right choice.
Pay for a large event
A large event like a wedding is a good option for a personal loan, if you would end up putting all associated charges on your credit card without being able to pay them off within a few months. A personal loan for a large expense like this might save you a considerable amount on interest charges, provided it has a lower rate than your credit card.
Improve Your Credit
A personal loan might help your credit score in two ways. First, if your credit report shows mostly credit card debt, a personal loan might help your 'account mix.' Having different types of loans is often favorable to your score.
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