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Top 10 Reasons to Get a Personal Loan

Personal loans can be a valuable tool for achieving your goals. It’s a loan that you might want to take out for a wide variety of reasons, some big, some small. There are both secured (you need collateral to borrow) and unsecured (no collateral needed). Here are just a few of the reasons you might want to get a personal loan.

Woman considering a personal loan.

Get what you need, now

Sure, it’s best to have an emergency fund or draw from savings when unexpected expenses come up. But sometimes, that’s just not an option. Personal loans can help you cover emergency expenses when you need. 


Build your credit 

Like with credit cards and auto loans, on-time payment history with a personal loan can help you build credit and grow your credit score. Just make sure that you’re using the loan for something you really need, and that the total monthly payment makes sense for your budget. 


Consolidate debt 

High-interest debt, like credit card debt, can have a big negative impact on your life. But using a personal loan to consolidate can help you out with a possible lower interest rate and manageable monthly payments. 


Couple looking at home rennovation plans with carpenter.

Renovate your home 

Using a HELOC or home equity loan is often a great choice for home improvement projects. But they aren’t always an option, especially if you don’t have enough equity in your home to qualify. A personal loan can help you take care of some of those home improvement projects, growing the value of your house and making life even better. 


Cover home repairs 

Not all home improvements are fun and games. Sometimes those big expenses—like a new roof or furnace—come when you’re not ready. A personal loan can let you take care of them before they become an emergency, and pay off the loan balance over time. 


Cover medical bills 

There are few things in life as painful as dealing with major medical incidents. And the cost, above and beyond what insurance will cover, can cut deep. Sometimes the best option might be to pay them all with a personal loan, so you only have one monthly payment to think about. 


Refinance an existing loan 

You might also find that you can get a better interest rate when you refinance your existing loan through RMCU. It’s possible to find significant savings with a personal loan, and you could find one with terms that work better for your situation. 


Wedding budget

Cover large events 

Weddings and other celebrations are important times of life. And they can also be expensive ones. A personal loan can give you the leeway to celebrate when the time is right, not dictated by your bank account balance. 


Learn and grow 

A personal loan can be an investment in your future when you use one to cover the cost of continuing education. Student loans don’t cover all types of learning. Personal loans might make more sense for a course, certification or specialized training that will help boost your career prospects. 


Life extras that make you feel good

Procedures like cosmetic surgery, reconstructive surgery, or certain dental work might not be covered by your health insurance. But that doesn’t mean that your physical and mental health won’t benefit from having them done. A personal loan can help you cover them sooner, and let you live the life you want. 

Use a personal loan to build your dream life sooner. Apply online with RMCU’s simple application, and find out what you qualify for.

Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.

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