The world is your oyster when you get the Anything Loan. With only 9% APR* and fast loan processing, you’ll end up with more money than you can spend! Here are a few ways you can spend your Anything Loan!
Consolidate Multiple Types of Debt
Consolidation will help you keep track of your bills and pay them off on a regular basis. The most significant advantage of debt restructuring is the future cost savings. A personal loan will have lower APRs than most other types of loans, which means that more of the contributions would go toward your principal balance rather than interest.
Payday Loan Alternative
If you need funds for an emergency, taking out a personal loan rather than a payday loan might save you hundreds of dollars in interest charges. Borrowers struggle to repay their payday loans by the due date, due to the short processing period.
Borrowers are normally obligated to renew the loan, which adds unpaid interest to the principal. This raises the total amount of interest owed. Personal loans have longer terms which, on average, have significantly less interest the borrower needs to pay.
Finance Home Improvements
Home repairs will increase the value of your home and make it a more comfortable place to live. Personal loans and home equity loans are two options for financing home improvement.
The key advantage of using an unsecured personal loan to renovate your house is that you do not need to have collateral. A home equity loan or home equity line of credit (HELOC) uses your home as collateral; if you default on the loan, the bank will take possession of your home.
Make a Large Purchase
Since personal loans can be used to pay for almost anything, some people use them to make big transactions. The easiest way to pay for a big miscellaneous purchase is to prepare for it and pay in cash, but this isn’t always available in an emergency, such as when an appliance breaks down unexpectedly.
If you need to purchase something right away and don’t have any savings saved up, a personal loan might be able to help you make ends meet. Before you agree to a loan, make sure you can handle the monthly installments.
Make any big dream a big reality with RMLEFCU’s Anything Loan. Contact lending@rmlefcu.org for more information.
*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rate subject to change.