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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.

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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  • What if I get an error message when I try to enroll an email address or U.S. mobile number?

    Your email address or U.S. mobile phone number may already be enrolled with Zelle® at another bank or credit union. Call our member support team at 256.383.9204 and ask them to move your email address or U.S. mobile phone number to your financial institution so you can use it for Zelle®.

    Once customer support moves your email address or U.S. mobile phone number, it will be connected to your bank account so you can start sending and receiving money with Zelle® through your Listerhill Credit Union banking app and online banking. Please call our member support team at 256.383.9204 for help.

  • Is my information secure?

    Keeping your money and information safe is a top priority for Listerhill Credit Union. When you use Zelle® within our mobile app or online banking, your information is protected with the same technology we use to keep your bank account safe.

  • I'm unsure about using Zelle® to pay someone I don't know. What should I do?

    If you don't know the person, or aren't sure you will get what you paid for (for example, items bought from an online bidding or sales site), you should not use Zelle® for these types of transactions.

    These transactions are potentially high risk (just like sending cash to a person you don't know is high risk). Neither Listerhill Credit Union nor Zelle® offers a protection program for any authorized payments made with Zelle® – for example, if you do not receive the item you paid for or the item is not as described or as you expected.

  • Will the person I send money to be notified?

    Yes! They will receive a notification via email or text message.

  • How long does it take to receive money with Zelle®?

    Money sent with Zelle® is typically available to an enrolled recipient within minutes.3

    If you send money to someone who isn't enrolled with Zelle®, they will receive a notification prompting them to enroll. After enrollment, the money will be available directly in your recipient's account, typically within minutes.3

    If your payment is pending, we recommend confirming that the person you sent money to has enrolled with Zelle® and that you entered the correct email address or U.S. mobile phone number.

    If you're waiting to receive money, you should check to see if you've received a payment notification via email or text message. If you haven't received a payment notification, we recommend following up with the sender to confirm they entered the correct email address or U.S. mobile phone number.

    Still having trouble? Please contact our member support team at 256.383.9204.