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Short of cash? You can use credit cards, take out a costly payday loan or use your car as collateral for a loan, but there’s no need. Reasons to get a personal loan include saving on interest and being able to use your loan proceeds for nearly any purpose, among others. Take a look at these eight good reasons to get a personal loan and get a better understanding on how they work.
Take time to shop and compare personal loans for your best loan terms and lowest cost. If you’re taking out a personal loan for a planned expense, it’s a good idea to borrow more than you’ll need in case of extra expenses. The Federal Trade Commission cautions that if you’re borrowing to consolidate credit card debt, it’s essential to understand your spending habits. Otherwise, you could end up with more debt if you continue to use your credit cards and carry balances. A personal loan is helpful for managing your finances, but it can also be misused. What would happen if you use a personal loan for a tropical vacation and then lose your job? Consider potential consequences before taking on a personal loan. In general, it’s best to limit borrowing to necessary expenses rather than discretionary spending.