{"id":9232,"date":"2021-03-09T18:02:08","date_gmt":"2021-03-09T12:32:08","guid":{"rendered":"https:\/\/www.fintoo.in\/blog\/?p=9232"},"modified":"2021-03-29T20:48:29","modified_gmt":"2021-03-29T15:18:29","slug":"top-9-reasons-why-people-take-out-a-personal-loan","status":"publish","type":"post","link":"https:\/\/blog.fintoo.in\/blog\/top-9-reasons-why-people-take-out-a-personal-loan\/","title":{"rendered":"Top 9 reasons why people take out a personal loan"},"content":{"rendered":"\n<p>Personal loans can help you out when you need to borrow money for a variety of reasons. This type of lump-sum loan is paid back in monthly installments over a set term, usually ranging from one to seven years.<\/p>\n\n\n\n<p>With any debt, it&#8217;s essential to consider how the payment will impact your finances, but there are many situations where a personal loan may be a good choice. <\/p>\n\n\n\n<p>Just like it sounds, a personal loan can be used for personal reasons. Qualifying for a personal loan depends on several factors, including your creditworthiness. The stronger your credit score, the more likely you are to be approved.<\/p>\n\n\n\n<p>A higher credit score can also translate to a lower interest rate on a personal loan. Personal loan lenders can also take into account things like:<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<ul><li>Your income<\/li><li>Total monthly debt payments<\/li><li>Whether you rent or own your home<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1024x576.png\" alt=\"What does Debt consolidation mean?\"  width=\"537\" height=\"302\" srcset=\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1024x576.png 1024w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-300x169.png 300w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-768x432.png 768w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image.png 1200w\" sizes=\"(max-width: 537px) 100vw, 537px\" class=\"wp-image-9246 no-lazyload\" \/><\/figure><\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. Debt consolidation<\/strong><\/h2>\n\n\n\n<p>If you have several outstanding loans with high-interest rates, combining them into one can help you reduce your monthly payment. This is called &#8220;debt consolidation,&#8221; and it&#8217;s one of the most common reasons people take out a personal loan. The personal loan often has a lower interest rate than some of the other debts you may have, which can reduce the total amount you will repay over its term.<\/p>\n\n\n\n<p>Be careful if you use a personal loan to pay off credit card balances. One pitfall could be being tempted to charge new debt on those cards. You\u2019ll need to practice self-control, or you could find yourself worse off than before you consolidated your debt.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-2-1024x576.png\" alt=\"Manage your expenses\"  width=\"543\" height=\"305\" srcset=\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-2-1024x576.png 1024w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-2-300x169.png 300w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-2-768x432.png 768w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-2.png 1200w\" sizes=\"(max-width: 543px) 100vw, 543px\" class=\"wp-image-9251 no-lazyload\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. Cover emergency expenses<\/strong><\/h2>\n\n\n\n<p>A personal loan has a fully-funded emergency account, which covers three to six months of expenses. If something arises, you may need to resort to getting a personal loan. Emergency expenses could consist of unplanned medical fees, expensive car repairs, or even funeral costs. Any of these situations can quickly add up to a few thousand or even more. Even if you have insurance, in some cases you may have to meet a high deductible. A personal loan could help in these situations, which are often stressful.&nbsp;<\/p>\n\n\n\n<p>Related Article: <a href=\"https:\/\/www.fintoo.in\/blog\/tips-on-how-to-repay-the-loan-on-time\/\">Tips on how to repay the loan on time<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Make a big purchase<\/strong><\/h2>\n\n\n\n<p>A personal loan could also finance a big purchase, such as a new appliance, car or engagement ring. You can also use it to pay for tuition, a wedding, or a vacation. In these cases, though, it&#8217;s best to consider your needs versus your wants. Buying a car can help you get to work. Paying for tuition can help you improve your career outlook. And replacing a defunct refrigerator or stove can help you maximize your food budget. If you\u2019re using a personal loan for a large purchase, make sure the monthly payment comfortably fits your budget. And shop around for the best deal on that large purchase, so you aren\u2019t tempted to get a loan for more than you need.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. Pay for moving costs<\/strong><\/h2>\n\n\n\n<p>&nbsp;If you\u2019re moving due to a new job or family situation, taking out a personal loan may help you pay for the expenses. You may also need to purchase new furniture or household goods for your new home or pay for travel expenses. Before you take on debt to make a move, make sure that your new income will be enough to cover the monthly loan payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. Remodeling a home<\/strong><\/h2>\n\n\n\n<p>Remodeling your home can increase its value as well as make necessary repairs that protect your investment. A personal loan is one option for getting the funding for projects such as replacing the roof, updating the kitchen or finishing the basement. If you have equity in your home, you may decide to go with a home equity line of credit or home equity loan. However, personal loans could be a good choice since they don&#8217;t require collateral, which means you don&#8217;t put your home at risk if you&#8217;re unable to repay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. Start a small business<\/strong><\/h2>\n\n\n\n<p>As the saying goes, \u201cIt takes money to make money.\u201d A personal loan can be a good vehicle for getting the funding you need to start your own company. You can use it to hire a website designer, order initial inventory, pay your rent, or cover payroll until you start generating revenue. Make sure your business plan includes a way to make your monthly payments while you\u2019re getting your business off the ground.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7. CIBIL Score Improvement<\/strong><\/h2>\n\n\n\n<p>The CIBIL score of an individual is calculated on the basis of agility in payment of loan repayments and credit card repayment. When you take a personal loan of the loan amount and return it within the fixed time frame, you can improve your CIBIL score as it will improve your credit history and grow your creditworthiness. This also enhances the possibilities of the approved personal loan. Apply for a Personal Loan get a higher loan amount up to 30 lakhs at an attractive rate.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1-1024x576.png\" alt=\"Importance of higher education\"  width=\"523\" height=\"294\" srcset=\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1-1024x576.png 1024w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1-300x169.png 300w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1-768x432.png 768w, https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2021\/03\/image-1.png 1200w\" sizes=\"(max-width: 523px) 100vw, 523px\" class=\"wp-image-9249 no-lazyload\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>8. Higher education<\/strong><\/h2>\n\n\n\n<p>While you may have prioritized your child\u2019s career aspirations and making regular savings towards it, the ever-increasing education costs may cause some deficit towards such financial goals. One can take a personal loan to bridge such a deficit and enable their child to get admission into the desired college and stream, not allowing any financial constraints to alter such goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>9. To Pay for long-distance relocations<\/strong><\/h2>\n\n\n\n<p>Relocation within the city itself is an expensive affair. So naturally, when you move from one city to another, a lot of money is involved. You can always consider taking this loan to cover those expenses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>A personal loan could be more of use when there is little possibility for any other type of loans like housing loans, vehicle loans, etc. Personal loans are becoming more popular due to quick disbursal and low documentation. However, the interest rates would be on the higher side due to the lower payback period. In case of liquidity crunch or quick demand for money, personal loans are saviours.<\/p>\n\n\n\n<p>To Invest and keep regular track of your portfolio download Fintoo App Android&nbsp;<a href=\"http:\/\/bit.ly\/2TPeIgX\" class=\"broken_link\">http:\/\/bit.ly\/2TPeIgX<\/a>&nbsp;\/ Fintoo App iOS \u2013&nbsp;<a href=\"http:\/\/apple.co\/2Nt75LP\">http:\/\/apple.co\/2Nt75LP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Personal loans can help you out when you need to borrow money for a variety of reasons. This type of lump-sum loan is paid back in monthly installments over a set term, usually ranging from one to seven years. With any debt, it&#8217;s essential to consider how the payment will impact your finances, but there [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[280],"tags":[329,278,328,330,331],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Personal loans can help you out when you need to borrow money<\/title>\n<meta name=\"description\" content=\"Personal Loan Tips: Personal loans are one of the most viable ways to tackle your sudden financial requirements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.fintoo.in\/blog\/top-9-reasons-why-people-take-out-a-personal-loan\/\" \/>\n<meta property=\"og:locale\" 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