Spring is the season of change, whether it is moving house, changing job or finally the time to book that once in a lifetime holiday it is the season when we most feel like making changes in various areas of our lives.
Only everything costs money.
Perhaps you feel like you are stuck in a bit of a rut and money, or lack of it is the reason. With interest rates still at near record lows, now may be the best time for an unsecured loan. But what are our most common reasons for them?
There are many misconceptions as to what you can and can’t actually use an unsecured loan for. The reality these days is that you can use it for almost any reason, as long as you ensure that you keep up repayments and pay it back on time.
So what are those common reasons?
- Pay off credit cards
Even if you only have one credit card it may be worth considering an unsecured loan to pay if off. By clearing the balance you are likely to be paying a better rate of interest overall and will probably clear the debt quicker with one set monthly payment, as opposed to a minimum credit card payment that has little impact.
- Consolidate existing debts
Making multiple payments each month can be stressful both organisationally and financially, so it may be a good idea to take out a new unsecured loan to pay off all these debts and leave just one monthly payment. After all, you are not increasing the overall amount of debt, just reorganising it.
- House refurbishments
Again Spring seems to be the time when we are all thinking about a new lick of paint or an extension! Whatever needs your home has, it is always a good idea to complete as any home improvements are an investment in the property. Should you come to sell, then you should get more for it if you have invested wisely in the property. More importantly if you are staying and all those niggly jobs are getting on your nerves, all the more reason to get it all done.
- Major family event.
Spring is also the time for celebrations and family events. You may need to find extra money for a wedding, anniversary or special christening or birthday. Loans can help tide you over if and when the need arises, and let’s face it we all want to enjoy these special occasions without worrying about finances.
Perhaps it’s now time for a change. Cars are without doubt a modern day necessity and maybe you need to upgrade or even downgrade yours. Whether you are buying new or second hand you may need an unsecured loan to make sure you can get the best deal: it could work out better for you than accepting the finance that a garage will offer.
Have you been promising yourself that dream trip? Wanting to take the kids to Disneyland, but can’t quite meet the costs? Then unsecured loans could be the answer. With Brexit still very much up in the air, we live in uncertain times, so if you have the opportunity to travel now, then why not?!!
- Home emergency
There are times we all face the unexpected bills and you never know what might go wrong at home. So in the face of domestic disaster, an unsecured loan may be the answer.
Whatever your reason for needing a loan, always ensure that you can make the repayments, and use a responsible lender who will not lend you more money than you can reasonably afford to pay back.