Many people see unsecured personal loans as an unsafe decision, but they are a viable option for many different cases. When you need an emergency loan to spend more money than your savings account can handle, or want to have the benefits of fixed monthly payments that credit cards just don’t offer, personal loans can be an easy and effective choice. Here are some instances where getting a personal loan can be a great idea!
Funding transport emergencies
Buying a car is a never-ending, ongoing cost. Even once you own a car, there are always going to be costs such as registrations, warrants, and services that never cease to sneak up on us. That’s not even considering what happens if you find yourself in an accident without the insurance cover to get you back behind the wheel as soon as possible.
In a place like New Zealand, so many of us rely on our cars for our day-to-day lives. Whether it’s driving around family or commuting to work, the alternatives just don’t suit all of us. A personal loan can be a quick fix so that we can make those urgent car payments on time and stay behind the wheel when we need to be.
Consolidating your credit cards
Credit cards can be hard to keep track of if you have more than one to pay off. Getting a personal loan for credit card payment allows you to consolidate all of your credit card debts into one easy loan. This allows you to have one fixed monthly payment, instead of varying terms. It’s a sensible option for people who use a number of credit cards. Where you could have been paying massive interest rates trying to juggle payments on your credit cards, a personal loan allows you to transfer those payments into one, easy-to-manage loan.
Plus, if your credit score is high enough, you could even find yourself with much lower interest rates on your new loan, saving you money in the long run.
Making Beautiful Memories
When it comes time to plan your wedding, or any other once-in-a-lifetime occasion, you don’t want to skimp on costs. To make the day the most magical it can be, many people opt for a personal loan to cover some of the things you’ve been dreaming about since you were a child. Whether it be the perfect dress, a venue to fit your whole family, or the most scrumptious cake, there are aspects that we just don’t want to budget on, and on your special day you shouldn’t have to!
In this situation, a personal loan is more viable than a credit card, as the expenses will most likely amount to more than you can pay off in a month, and the interest rates on a credit card will be sure to catch you out. A personal loan offers you affordable, monthly repayments so you can have one thing less to worry about on your special day.
Apply for a personal loan today with Nectar
Applying for personal loans is made simple with Nectar. When you apply for a personal loan with Nectar, you can get a decision on your loan approval in just minutes, and money in your account within a day. Apply for a Nectar personal loan online now.