When a Personal Loan is the Right Financial Solution

When a Personal Loan is the Right Financial Solution

When it comes to borrowing, you have many specialized options—from home loans to help with purchasing that new place, to auto loans to make your vehicle dreams come true, to student loans to make a college degree possible. But what about the “miscellaneous” column?

Here are just a few of the ways that a personal loan, which Sioux Falls Fed can finance for as much as $35,000, can be used effectively.

Fix up your house

While personal loans are not the best fit for financing major purchases such as buying a home, they can be incredibly useful for upfront and ongoing expenses that come with owning a home. From major appliance replacements to incidental repairs to upgrades, such as purchasing new furniture, a personal loan can be a great buying tool for homeowners.

Though you might not always have the cash available in the bank, making improvements to your home increases its value and your equity.

Fix up your car

Auto loans are an ideal fit for financing the purchase of a vehicle, but unforeseen repairs associated with owning a car can catch up with you—that’s where a personal loan can come in handy. Whether it’s body work post-accident or a new set of tires for the winter, tackling these unexpected costs with borrowed funds can be very useful.

Keep your ability to commute and get from place to place—when needed repairs arise, set yourself up with a personal loan to cover the cost.

Consolidate your debt

Managing multiple sources of debt, from credit cards to student loans to layaway or store financing, can get overwhelming. Whether it’s remembering to make multiple payments or high interest rates, one of the smartest ways you can combat this is by consolidating your debts into a personal loan with a low, competitive rate. Make a single payment that stays consistent month to month with a fixed interest rate.

Simplify your budget, and cut back on interest paid—shuffle your debt into one handy spot.

Stay healthy

When it comes to unexpected expenses, none can rattle a budget quite like medical costs. If you have an unforeseen trip to the ER or need to fund a surgery or even manage payments from ongoing physical therapy, a personal loan can be a valuable resource in budgeting for these items.

Combine your outstanding hospital and clinic charges into one manageable loan with a manageable interest rate.

Manage life events

Sometimes a personal loan can come in handy for the happiest occasions, as well. From big moments for your family, such as a wedding, to your next exciting getaway, to the expenses that come with moving to a new place, there is a multitude of reasons to take out a personal loan to manage a life event.

Fund your dreams—a personal loan or line of credit from Sioux Falls Fed means low interest rates, no collateral required, no setup or annual fees and flexible repayment.

Personal Loan | Know Your Options