Reasons to Consider a Personal Loan
A personal loan can help you cover a variety of financial needs such as paying off credit cards or other high-interest debt, making upgrades to your home, relocating, starting a business, paying for a wedding, or taking a dream vacation. Whatever the need, a personal loan could help you finance your next goal.
Consolidating High Interest Debt with a Personal Loan
If you’re like many people who carry several debts or a heavy overall debt load, consolidating through a personal loan could be one way to take back control. Consolidating high interest credit card debt into a personal loan rolls your old debts into a single new debt with a potentially lower interest rate. This means less payments to keep track of and could mean a lower monthly payment amount. When considering if a personal loan is the right solution, calculate the monthly payment and the number of payments of the personal loan. If the total is lower than what you’re currently paying, it could be a money-saving move to consolidate with a personal loan.
Additionally, even if a personal loan does not save you money over the long term, it could still make sense in the short term if your goal is to improve your cash flow. With a personal loan, you may be able to stretch payments over time into more manageable monthly payments, freeing up funds to use toward other financial goals. With Laurel Road, you could take out a personal loan with low APRs and flexible terms, learn more here.
