When to Get a Personal Loan and How to Find the Perfect Loan Rate
Wouldn’t it be great to have the financial freedom to not worry about life’s unexpected expenses? You know, those incredibly annoying moments when your car’s transmission blows on the way home from work on a Friday afternoon, or the random veterinarian bill you didn’t expect because Fluffy got into trash again. Unfortunately, that’s not the case for most Americans – sadly.
But, don’t let that concern you…
With the right credit, the best personal loan is at your fingertips and our trusted vendors make borrowing quick + simple, to provide you that much needed extra cash.
So, what is a personal loan exactly?
A personal loan, also called a signature loan, is an unsecured loan, which means you can borrow money with no collateral (such as your house, car, etc.) based on your credit. From consolidating debt to financing a purchase to improving your credit, people choose personal loans because interest rates are usually lower than credit cards, which can save you thousands of dollars. It’s quite simple, you borrow money and pay it back.
Not sure if you should take out a personal loan? Here are some questions other Squeezers like yourself considered before they applied:
Can a personal loan help with debt consolidation?
I need to make major home improvements, is there a personal loan option for that?
How long does it take to get the money after applying for a personal loan?
Are personal loans difficult to obtain?
Reasons for a personal loan
Personal loans for debt consolidation
It’s a bit overwhelming to have debt with more than one creditor, it is even a little challenging to handle. Credit card debt is especially difficult to repay because the interest rates are high, costing borrowers a lot.
Each debt has a distinct due date, monthly payment, and interest rate, that weighs on your shoulder day in and day out. It causes anxiety and leads to paying more interest over time, missing payments and paying a fee for being late.
With a debt consolidation loan, the lender will issue a single personal loan that you use to pay off your other pending debts. You’ll ultimately pay fixed, monthly installments to the lender for a set time period, which is typically anywhere from two to five years.
Consolidation can save you an immense amount of money in the long run, it’s one of the greatest benefits a personal loan can offer. Take a minute to see how much you can save with our personal loan calculator.
Paying off credit card debt with personal loans
A personal loan to pay off credit cards is often called a credit card consolidation loan.
The idea is to get a credit card consolidation loan with a lower interest rate than what you’re paying on your credit card as well as a set repayment period.
Another great advantage of a personal loan is credit card payoff. Credit cards often carry high interest rates, being able to pay off that debt with a personal loan is worth considering. It is a smart way to save more money at the end of the day, even if you only have one card with a hefty amount it can work out better in the long run. Squeeze can point you in the right direction of the best personal loans with great rates for all users, depending on each distinct credit.
Best personal loan for home improvement
We are always looking to make our home more comfortable and “homey”. Are you contemplating on making some improvements? Well, no one wants to think about taking money from their savings or take out a home equity loan! That’s where a personal loan can play a huge role in deciding where the money will come from. The loan can be used for renovation bathrooms, kitchen, adding a pool or expanding your driveway.
A personal loan used for home improvement is like any unsecured personal loan. It’s not guaranteed by your home, and the interest rate you receive depends on your creditworthiness.
Check out the list of best home improvement loans
Personal loan for that big purchase
Imagine your refrigerator suddenly stops working mid-July, in what seems to be the hottest and most unbearable month of the summer. Your food is slowly going bad. A purchase of a new refrigerator has to be made within the next couple days, but you realize you didn’t have any money set aside for a such an unexpected incident.
We are the one-stop shop for the best personal loan quotes from several trusted vendors on Squeeze.com. With a personal loan, you can pay it off the balance over a longer time than a regular credit card at a much lower rate.
Unexpected medical expenses
It’s easy to end up owing a healthcare provider a substantial amount of money. Unfortunately, people don’t always have the cash available to pay for their medical expenses when they get the bill, so they may turn to loans or other options.
This isn’t a pleasant topic, but it has to be known that you have some type of security if you or a loved one happens to catch a sickness or needs to undergo a costly procedure. The realization of having to pay for those medical bills comes out of nowhere and hits you like a pound of bricks. Applying for a personal loan with low rates for those medical bills can be done in a matter of minutes and you are able to receive your funds in as little as weeks.
Best personal loans for that getaway vacation
Vacations are much needed when it comes to living a healthy lifestyle, we all need a break from time to time. It can get a little pricey to go on a vacation, so a personal loan is a great way to help with all financial expenses for that weekend getaway. That will help you pay it off month to month instead of a big chunk of money all at once.
Getting a loan for a vacation is easy to budget for: You know right from the start how much each monthly payment is going to be, and how many of you need to make to pay it off.
There are endless reasons to take out a personal loan, but the ones named are just a few. Each individual has their own credit history and financial health which will ultimately determine the interest rate of the personal loan.
Get started by checking out personalized rates for you.