Do’s and don’ts for personal loans

Do’s and don’ts for personal loans

  • Do use it to consolidate debt. Put all high-interest credit card debt and payday loans into one loan with a fixed rate, a fixed monthly payment, and a closed-end term. You’ll save money and make debt management a lot simpler. Be sure to close any credit cards you pay off so you don’t rack up another large bill.
  • Do use it to finance renovations on your home. Be smart about your renovations, though, and only choose those that will increase your home’s value.
  • Do use it for moving expenses. Whether you’re moving cross-country for a job opportunity or another reason, a personal loan can help pay to transport your car, to move your belongings and to buy furniture for your new residence.
  • Do use it to pay for large, unexpected expenses, like a funeral or adoption costs.
  • Do use it to foot medical bills, especially for things that are not covered by most insurances such as fertility treatments, large dental treatments, and cosmetic surgery.
  • Don’t use it to pay for everyday expenses. If you find yourself doing this, you may be in financial trouble. Speak to a TruMark Financial representative for help with debt management and general financial guidance.
  • Do use it to purchase a car, boat or RV.
  • Do use it to take a dream vacation. Don’t do it twice a year, but a personal loan can help you finance your trip for a milestone anniversary or another special occasion that warrants an extravagant vacation.
  • Do use it to pay for a wedding. A personal loan will give you more flexibility than a wedding loan.