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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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Frequently Asked Questions

  • How do I connect my additional Listerhill account(s) in Online Banking?

    In order to add an additional Listerhill account in Online Banking, please:

    1. Log in to Online Banking through our website.
    2. Click the Accounts tab at the top.
    3. Click “Connect An Account”
    4. To add a Listerhill Account, click “Listerhill Credit Union Account”.
    5. Enter the appropriate information on this screen and select the appropriate account type.
      1. Account Number.
      2. Nickname the Account.
      3. Select the Account Type.
        1. Share Draft – Checking
        2. Share – Savings
        3. Share Certificate – CD
        4. IRA
        5. Line of Credit
        6. Loan
        7. Credit Card
      4. Check the box for Bill Pay if desired.

    Once finished, the new account will be added by the next business day.

  • How do I connect my credit card(s) in Online Banking?

    In order to add a new credit card in Online Banking, please:

    1. Log in to Online Banking through our website.
    2. Click the Accounts tab at the top.
    3. Click “Connect An Account”
    4. To add a credit card, click “Listerhill Credit Union Account”.
    5. Enter the appropriate information on the screen and select the appropriate account type.
      1. Account Number.
      2. Nickname the Account.
      3. Select the Account Type.
        1. Share Draft – Checking
        2. Share – Savings
        3. Share Certificate – CD
        4. IRA
        5. Line of Credit
        6. Loan
        7. Credit Card
      4. Check the Box for Bill Pay if desired.

    Once finished, the new card will be added by the next business day.

  • What if I had merchandise points?

    Cashbackmall will be available for redemption on 9/1/22 for cards converting to cash back rewards from merchandise points.

  • Who is eligible for Cash Back Rewards?

    Cash Back Rewards are available for Listerhill Signature Credit Cards. Signature credit cards require a limit of $5,000 or greater.

  • How much do I get back in Cash Rewards?

    Cash Back Rewards are calculated at 2% on purchases. Cash Advances and Balance Transfers do not earn Cash Back Rewards.