A personal loan is a type of loan that allows flexible use, short to moderate term repayment options and relatively quick funding.
When do personal loans make sense?
Sometimes, a personal loan is the best way to finance a large purchase that you can’t afford upfront.
Debt Consolidation – If you have high interest credit card debt, you may be able to save money by paying it off with a lower interest personal loan. Even if you don’t necessarily save money on interest, a personal loan can provide a structured repayment term, which can help if you’re struggling to stay motivated in paying off your debt.
Home Remodeling – If you want to make some improvements to your home, a personal loan may be a better choice than a home equity loan or line of credit because it doesn’t come with the threat of losing your home if you default.
Moving Costs – If you are facing a long distance move, costs can add up pretty quickly. This loan can help you move your household belongings from one place to another, purchase new furniture for your new home, transport your vehicle across the country, and cover any additional expenses.
Emergency Expenses – if you lose your job, your car breaks down or a major home appliance needs to be repaired or replaced, a personal loan can provide some peace of mind at a stressful time.
Large Purchases (appliances, vacations, weddings, etc) – Household disasters can strike at any moment. If you suddenly need to buy a new washer or dryer but don’t have the funds on hand, a personal loan can help. This loan allows you to purchase any major household appliances or electronics immediately rather than waiting months to save the money. You can use a personal loan to help pay for the wedding venue, or the bride’s dress. It can even be used to buy the engagement ring.
Whatevah reason that you may need to take out a personal loan, Westport Federal Credit Union understands and we have you covered with our Whatevah loan. Let Westport Federal Credit Union’s Whatevah Loan help consolidate your debt, while lowering interest rates, and set you up with worry-free automatic payments. Take charge of your debt or whatevah else you need help with. You can apply 24/7 from the comfort of your home or during your break at work here. Secure your financial future with us.