8 Ways to Use a Personal Loan You Haven’t Thought Of - Make Money Online

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8 Ways to Use a Personal Loan You Haven’t Thought Of

When it comes to getting loans, most people think of auto loans, home loans, student loans, etc. These are loans designated for specific purposes. Personal loans, in comparison, are far more flexible.

Most people get personal loans to consolidate several different loans to lower the rate of interest and also make them more manageable. However, you can use them for a number of different purposes that you might not have even thought of.


1. Green Loan
Are you an environmentally conscious individual? Did you know that the government offers you tax benefits for contributing towards a greener society? You can use a personal loan to help make your home more environmentally friendly and reduce your carbon footprint.

2. Business Loan
Getting a line of credit for a business is pretty difficult, especially if you’re just starting out and don’t have a track record. However, getting a personal loan is easy and you can use it to finance your business.

3. Major Purchase Loan
Let’s say you’ve just moved into a new home. Either you’ve bought the house or you’ve rented it out. But now you need to turn that house into a home, you need furniture, electronics, appliances, and a number of different things so you can feel comfortable living in it. These can be pretty expensive and they’re likely to fall outside your general monthly budget. In that case, you can get a personal loan and use it to finance your major purchases.

4. Wedding Loan
Weddings can be extremely expensive. An average wedding actually costs something in the tens of lakhs. That falls well out of most people’s budgets. However, if you’re serious about having the wedding of your dreams, you can get a personal loan and use it to finance your wedding expenses.

5. Vacation Loan
Using a personal loan to finance a holiday isn’t, strictly speaking, advisable. However, a lot of people do it anyway. For a lot of salaried people, financing a good vacation is difficult. Lodging, flight tickets, eat out costs, all of that can add up. However, you can get a personal loan to finance it and then gradually pay it off.

6. Medical Loan
Health insurances help out a lot, but they don’t offer coverage for everything. If you’re overwhelmed by your hospital bill, you can get a personal loan to help pay it off gradually.

7. Relocation Loan
Are you shifting homes? Maybe you’re getting a home in another part of the country or another state? Well, the cost of moving can be astronomically high. It can include transportation services, the security deposit on the new home, the cost of the movers. However, a personal loan can make it manageable.

8. Car Loan
A lot of people prefer getting a personal loan to finance their car purchase as they believe it has a better rate of interest. If you’re getting a new car, don’t immediately go for an auto loan. Look around and examine all your options.
8 Ways to Use a Personal Loan You Haven’t Thought Of 8 Ways to Use a Personal Loan You Haven’t Thought Of Reviewed by Dhanur Chauhan on 10:55 PM Rating: 5