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7 Ways You Can Use A Personal Loan

Every season brings its own reasons for fun and excitement, but they can have a high price tag.

Editorial Note: Articles published are intended to provide general information and educational content related to personal finance, banking, and credit union services. While we strive to ensure the accuracy and reliability of the information presented, it should not be considered as financial advice and may be revised as needed.

When starting a new life chapter, many people’s first instinct is to turn toward credit cards to cover the costs. But before you start swiping the plastic for everything, we recommend an alternative option that will help keep you within your budget. You may want to consider a personal loan to stay within your budget.

When you apply for a personal loan instead of racking up credit card debt, you are making a responsible choice that can positively impact your finances for years to come.

To help you accomplish this, we've outlined seven ways to responsibly use a personal loan to pay for different needs, wants, and goals.

1. When you're getting married

According to Business Insider, the average wedding in 2021 cost around $22,500. That’s a lot of money you may not have sitting around. If you’re tying the knot this year, you may want to consider taking out a personal loan to help cover wedding costs. You can use your loan to fund the larger expenses, such as your rings, wedding dress, and venue (typically the most expensive part), or to cover the smaller costs like the flowers, travel arrangements, and photographer.

2. While you're purchasing a new home

Whether you’re moving a few blocks or a few states away, moving costs can be prohibitive. You’ll need to consider the expense of moving supplies: paying the mover, plus the cost of new furniture and other household items to help turn your new residence into a home.

There can also be other incidental expenses: eating out while you’re without a kitchen, staying in hotels, and transportation costs for you and your family.

Taking out a personal loan to help you cover these expenses can make a household move a lot less stressful. Don't forget we offer great rates on home mortgages!

3. While you're purchasing a vehicle

If you’re looking to buy a new car soon, an option you may not have considered is a personal loan. Similarly, if you’re interested in purchasing a boat, ATV or an RV, a personal loan can help you turn that dream purchase into a reality without the exorbitant interest rate that can come with loans specifically for these types of vehicles.

4. While you're consolidating debt

What better way to feel free and get organized than getting rid of any nagging credit card and student loan debt? Debt consolidation can put you on the right track.

Paying off multiple loans and credit card bills each month can make you feel like you’re fighting an uphill battle thanks to skyrocketing interest rates. Wouldn’t life be simpler if you only had one debt with a nominal interest rate? A personal loan can make that happen.

5. When you're taking a dream vacation

Are you considering a luxury cruise or trip abroad? You might be celebrating a milestone anniversary or college graduation, or just want to cross a visit to a special destination off your bucket list.

Whatever your vacation goals, your budget may not be equipped for the tens of thousands of dollars you need to make your dream getaway a reality. A personal loan can help you fund the trip of your dreams with a payment plan you can afford so you won’t need a vacation from debt when you return.

6. While you're renovating or maintaining your home

Not all homeowners have a great deal of equity in their homes. Consequently, they are not good candidates for either a fixed Home Equity Loan, or a Home Equity Line of Credit (HELOC). For these borrowers, personal loans may be a better option for home repairs, maintenance, and improvement.

Whether it’s installing a swimming pool, giving your kitchen a complete makeover, or turning your garage into a guest suite, a personal loan can make it possible.

7. When you need to fund medical expenses

If there are medical procedures you’ve been putting off because they’re not covered by your health insurance plan, a personal loan can help you look and feel your best. A personal loan can help borrowers fund elective cosmetic surgery, dental work, fertility treatments, and even consulting with alternative practitioners about chronic health conditions.

For those extra medical bills, a personal of loan can help you with affordable monthly payments.

Make Changes Without Breaking the Bank

No matter if you want to borrow money for home improvements, auto loans, or the celebration (or the trip) of a lifetime, a personal loan can make it happen. The opportunity is there. Don’t let the perceived hassle of the loan application process keep you from funding your needs.

At Listerhill, the application process is quick and smooth. You can get started with your personal loan application from the comfort of home by clicking here.

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Frequently Asked Questions

  • What happens when federally insured credit unions merge?

    If a member has accounts in credit union A and credit union B, and credit union A merges into credit union B, accounts of credit union A continue to be insured separately from the share deposits of credit union B for six months after the date of the merger or, in the case of a share certificate, the earliest maturity date after the six-month period. In the case of a share certificate that matures within the six-month grace period that is renewed at the same dollar amount, either with or without accrued dividends having been added to the principal amount, and for the same term as the original share certificate, the separate insurance applies to the renewed share certificate until the first maturity date after the six-month period. A share certificate that matures within the six-month grace period that is renewed on any other basis, or that is not renewed, is separately insured only until the end of the six-month grace period.

  • What happens if a federally insured credit union is liquidated?

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  • If a credit union is liquidated, what is the timeframe for payout of the funds that are insured if the credit union cannot be acquired by another credit union?

    Federal law requires the NCUA to make payments of insured accounts "as soon as possible" upon the failure of a federally insured credit union. While every credit union failure is unique, there are standard policies and procedures that the NCUA follows in making share insurance payments. Historically, insured funds are available to members within just a few days after the closure of an insured credit union.

  • What happens to members with uninsured shares?

    Members who have uninsured shares may recover a portion of their uninsured shares, but there is no guarantee that they will recover any more than the insured amount. The amount of uninsured shares they may receive, if any, is based on the recovery of the failed credit union's assets. Depending on the quality and value of these assets, it may take several years to conclude recovery on all the assets. As recoveries are made, uninsured account holders may receive periodic payments on their uninsured shares claim.

  • What happens to my direct deposits if a federally insured credit union is liquidated?

    If a liquidated credit union is acquired by another federally insured credit union, all direct deposits, including Social Security checks or paychecks delivered electronically, will be automatically deposited into your account at the assuming credit union. If the NCUA cannot find an acquirer for the liquidated credit union, the NCUA will advise members to make new arrangements.

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