6 Signs a Personal Loan is the Right Choice for You
A personal loan is a loan that is typically smaller in amount than other types of loans, although it can vary depending on the lender. Most people use small, personal loans to do things like cover expenses between paydays, make a big purchase, or pay down other debt that is expensive.
What you do with a personal loan is entirely up to you, but it’s important to understand how it works, whether it’s a good choice for you, and how you can go about getting the cash you need. Here are some signs that this is likely to be the right decision for your current financial situation.
1. You Need Cash to Pay the Bills on Time
A big sign that you could really benefit from a personal loan is that you have bills due, or about to be overdue, and you don’t have enough cash in your bank account to cover them. This can be really stressful, but it is also costly. You run the risk of paying your bills late, which means incurring late fees. Or, you could end up overdrawing your bank account and still paying more because of bank fees. Being late with bills is not uncommon with people who work but still have to live paycheck to paycheck.
You can be prepared for those weeks when you don’t have the cash to pay the bills by relying on a personal loan. Get just the amount you need to cover the week’s bills and repay in the full amount with your next paycheck. That way you get to pay the bills and you are free of the debt within a week or two instead of carrying more expensive interest payments. There are other options to get more cash to pay the bills, but a personal loan is the fastest and simplest.
2. With a Personal Loan You Can Consolidate Debt
If you do carry debt, you are also living with the stress of wondering how and when you’ll be able to get out from under it, not to mention the burden of all the extra costs of interest on those loans. Interest may not seem expensive initially, but it becomes a big cost when you keep paying bills late or missing payments and adding late fees to interest charges.
Having multiple sources of debt is not just stressful and expensive for these reasons. It can also easily lead to forgotten and late payments. Having more than one regular payment can become confusing and it’s not hard to skip one and end up paying even more for that mistake.
If you get a personal loan, though, you can borrow exactly what you need to pay down those other sources of debt. Debt consolidation is a smart money strategy that savvy consumers use to be smarter about debt. It means you have just one source of debt and one loan to repay, not multiple bills due at different times and in different amounts. Having just a single monthly or weekly payment can be a big relief.
3. You’ve Had an Expensive Emergency
Everyone has times when an unexpected situation, an emergency, like getting hurt or sick, having a death in the family, or a furnace break down in the middle of winter. These situations can be pretty stressful, but for people who have savings or an emergency fund, at least the cost of the emergency is not such a burden. For those of us who have no option other than to live from one payday to the next without being able to develop any savings, an emergency comes with the added stress and burden of being unable to pay for it.
Instead of letting an emergency lead to more debt, you can use a personal loan to cover the costs right away. Get it off your plate and out of your mind by paying the repair bill, the hospital bills, the travel expenses, or the costs of burying a loved one.
Whatever the emergency is, you shouldn’t have to have the added burden of worrying about money. Use these loans in a smart way to make sure all costs are covered and out of the way. This will give you the much-needed peace of mind that comes with covering all your costs.
4. Personal Loans Would Help You Pay Down all That Credit Card Debt
Credit cards often seem like a good solution to money issues. You need to buy groceries this week, so why not just put it on your fifth card, right? The problem with credit cards is that they quickly and easily lead to debt that is out of control and difficult to manage. And that means it is also expensive debt.
Many people make the mistake of relying on credit cards so much that they build up this debt and then spend years paying only the minimum amount each month. They then carry the debt around for a long time, making it impossible to ever grow a savings account.
If this sounds like you, a personal loan could be a really smart choice. With a personal loan you can pay down that credit card debt and get rid of it once and for all. It may seem contradictory to use one kind of debt to take care of another, but credit card debt is just about the worst kind of debt to carry. If you can get rid of it and then work on paying down just one, sensible personal loan, you’ll be in a much better place financially.
5. You Need a Loan, But Your Credit Stinks
So you know you want a personal loan. You know it’s the right choice for you and your current situation, but you also have a bad credit score. Years of poor choices and mistakes that were easy to make has left you with what is considered a poor score.
Or, you may be someone who has limited credit history because you have tried to stay away from getting into debt. This too can hurt you when it comes to applying for and getting approved for loans. A lot of lenders use credit score and history as a strict limit on who can be approved.
There are personal loans available through alternative lenders that allow for people with lower credit scores to get approved. These are from lenders who mostly work online and who are open to using other criteria to approve borrowers. If you have a poor credit score but you have a good job, a decent income, a bank account, and legal resident status, you can probably get approved for one of these personal loans. It’s a great choice for anyone who has been denied a loan previously because of credit score.
6. Your Life Would Be a Lot Easier if You Could Get Cash Tomorrow
There are so many great reasons to rely on these personal loans, but one of the best, and a big reason that borrowers keep coming back to these lenders and the loans they offer, is that they need the cash as soon as possible. You may have just realized that you have a bill due tomorrow. You forgot about it or you didn’t realize that you were so low on cash in your bank account. Another situation that is common is ending up with an emergency expense that needs to be paid right away, like a repair bill for your car so you can actually get to work and earn that money.
With the right personal loan and the right timing you can actually get the cash tomorrow to cover those important costs and make sure you’re not paying even more in late fees or missing work and a day of pay. You also get the stress relief of knowing that the burden is going to be lifted from your shoulders soon and that you don’t have to wait days to take care of a bill.
The lenders who offer these loans work online, which means they work fast. They approve fast, they move cash fast, and for most people the transfer of money occurs immediately and is available to access by the next morning. If you apply when the next day is a business day, most likely you will get the cash the next day and be able to pay the bills immediately and on time.
How to Get a Green Leaf Loan Personal Loan Today
There are so many reasons why a personal loan is right for you right now, but you also have choices in where to get your loan. Green Leaf Loans offers all the benefits of a personal loan, from a speedy process to approval in spite of bad credit to giving you the peace of mind of knowing that you can cover all your expenses on time, even the bills associated with emergencies.
To get a personal loan through our excellent network of lenders, start by going to the website or downloading the mobile app. Applying is as simple as completing a short form either on the website or the app on your phone or tablet.
Once you have completed and submitted the application, your information will be sent to a trusted lender who will take less than two minutes to give you an answer. Your credit score will not be held against you as a qualification you have to pass in order to get approved. With a few simple basic requirements, mostly based on your income and job history, you will probably get the thumbs up of approval.
From there you only have to wait while your lender does all the work of making sure you get your loan and your cash. You’ll get a set of terms to go over and a chance to ask any questions. Then you can sign that document to make it official. Back out any time before you sign with no penalty incurred. Once it’s official the money will be transferred to your bank account, and when your bank makes it available, you’ll have access the cash that will turn your day and your week around for the better.