Did the roof on your home just spring a leak right in the middle of a bad thunderstorm? It’s important for you to get it fixed as quickly as you can.
But it can be difficult to do that if you don’t have enough money set aside in your savings account. Fortunately, you can repair your roof—or make any other necessary repairs to your home—with the help of a small personal loan.
A personal loan can be used to do more than just take on home repairs, too. You can use personal loans to pay for almost anything you want.
Here are some of the other things you might want to consider doing with a small personal loan.
Consolidate Credit Card Debt
The average person is walking around with almost $6,000 worth of credit card debt hanging over their head.
Do you fall into this category? If so, you might be having a tough time paying down your credit card debt due to high-interest rates.
You can often bring your interest rate down by consolidating your credit card debt with a small personal loan. You can use the loan to knock out all your debt at once and then repay it over time more effectively.
Pay Off Medical Bills
According to a recent survey, there are nearly 80 million Americans trying to figure out how to pay off medical bills at this time. In some cases, these people owe tens and even hundreds of thousands of dollars worth of medical debt.
If you were forced to seek emergency medical care at some point and stuck with the bill for it, you might be stressed out over the thought of paying it back. It can be a daunting task.
But a small personal loan might be able to help. You can use it to get the ball rolling when it comes to paying down medical debt. You’ll start to see progress in no time and be inspired to continue chipping away at your medical bills.
Settle a Debt With a Collection Agency
Are you sick and tired of collection agencies calling you at all hours and trying to get you to pay off a debt? It can send shivers down your spine every time your phone rings.
You can put an end to these calls once and for all by settling your debt with the collection agency. They’ll often accept just a fraction of what you owe them and stop calling you.
Before you start negotiating on a settlement, though, you should take out a small personal loan so that you have some money to work with. You won’t have to worry about ducking and dodging debt collectors any more thanks to your loan.
Make Amends With the IRS
If you didn’t file taxes at the end of a recent year or if you made a mistake on your taxes and owed more than you paid one year, the IRS might be coming after you and trying to collect what you owe. And you should not ignore their letters.
It’s pretty much impossible for people to outrun the IRS. They will at some point start to garnish your wages and do whatever it takes to get their hands on the money you didn’t pay them.
You can make amends with the IRS by putting a small personal loan to good use. You’ll sleep so much better at night knowing the IRS isn’t trying to hunt you down.
Cover the Cost of a Wedding
Until you start planning a wedding either for yourself or for one of your children, you don’t realize how much one costs. Most couples are paying well over $40,000 these days for weddings!
It can be difficult, if not impossible, for most couples to foot that kind of bill with what they have in their savings accounts. So many of them have to resort to using credit cards to pay for their weddings.
Instead of taking this approach, why not use a small personal loan? It’ll help cover some of the costs associated with a wedding and make them more manageable.
You can have the wedding of your dreams without digging yourself into a mountain of credit card debt in the process.
Take a Vacation
A survey done last spring revealed that about 40 million Americans were planning on skipping their summer vacation this year. The majority of these people said they weren’t going on vacation because they couldn’t afford to do it.
Vacations are essential for all Americans. They give people the chance to recharge their batteries before heading back to work.
If you can’t afford to take a vacation at some point this year, use a small personal loan to do it. You can always put in a little bit of extra work later to pay it off.
Pay for a Loved One’s Funeral
Funerals cost a whole lot more than most people think. It’s not uncommon at all for even a basic funeral to top the $10,000 mark.
If you’re currently planning a funeral for a spouse, a parent, a sibling, or someone else who was important to you, a small personal loan can help you pay for it. There are even loans with no income verification that will ensure you get the money you need to pay off the bill for your loved one’s funeral services.
Think About Taking out a Small Personal Loan Today
As you can see, there are so many different ways in which you can use a small personal loan. From paying for a home repair to covering the cost of a wedding or funeral, there is almost no end to your long list of options.
The next time you find that you’re in need of money, see if you qualify for a personal loan. It could get you out of a tough spot and help you pay off an unexpected bill.
Check out our blog to learn more about the different types of loans that are available to those who need them.
