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May 04, 2025

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Personal loans often get side-eyed—and for good reason. Unlike a mortgage or car loan, most are unsecured, which means you'll likely pay a higher interest rate.

But are they always a bad move? Not necessarily.

Below we will look at three situations where a personal loan could actually work in your favor.

Be Well,
Anisa

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1. To Consolidate Debt

Got a few credit cards charging 20% interest? A personal loan with a lower rate can help you tidy things up and pay less over time—if you commit to paying it off.

2. To Cover A Necessary, One-Off Cost

AnisapointThink medical bills, urgent home repairs, or replacing something essential. If the only other option is a high-interest credit card, a personal loan might be the more affordable route.

3. You've Got A Plan

A personal loan gives you fixed payments and an end date. Just make sure the repayment schedule fits comfortably into your monthly budget.

In Closing

It's not free money. But with the right mindset, it can be a tool—not a trap.