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While a personal loan can effectively finance a significant purchase or project beyond your immediate affordability, it’s only suitable for some. Assess your needs carefully to determine if it’s the right choice for you. 

Below are 5 features of a personal loan that you may want to explore, as they could motivate you to click the loan application button confidently.

1. Debt consolidation

Debt consolidation is a common motive for securing a personal loan, allowing you to streamline your payments into a single monthly installment by paying off various credit cards or loans. This simplifies debt management and prevents feeling overwhelmed.

Personal loan interest rates are generally lower than those of credit cards, with personal loans averaging around 11%, compared to nearly 21% for credit cards.

What do we have?

  • With 24/7 Credit Now, you can secure affordable rates, saving money and expediting your debt payoff.

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2. Alternatives to payday loan

If you need some extra cash to tide things over until you get paid, using a personal loan instead of a payday loan may save you hundreds of dollars in interest charges. 

The average APR for a payday loan can be more than 600 percent, depending on your state. The maximum interest rate on a personal loan is typically about 36 percent.

What do we have?

  • 24/7 Credit You now offer repayment terms ranging from 12 to 84 months, giving you some additional wiggle room to pay off your balance without incurring any extra fees.

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3. Home improvement projects

You can use a personal loan to upgrade your home or complete necessary repairs, like fixing the plumbing or redoing the electrical wiring.

A personal loan is a good fit for people who don’t have equity in their home or don’t want to get a home equity line of credit (HELOC) or home equity loan. 

What do we have?

Unlike home equity products, personal loans with 24/7 Credit Now often do not require you to use your home as collateral since they’re unsecured. Additionally, funding times are usually quicker for personal loans than HELOCs or home equity loans

  • As soon as one business day (upon approval)

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4. Emergency expenses

Sudden emergencies, like surprise medical bills, are another common reason to take out a personal loan, especially if your doctor requires payment in full. 

After you’ve negotiated with the hospital, doctor, and insurance company, you might need an emergency loan to cover unexpected medical costs.

Emergencies around the house, such as a burst pipe, might also require quick funding while waiting for an insurance payout. 

What do we have:

  • 24/7 Credit Now stands out for its swift approval process, often completing the approval within just 30 minutes
  • These personal loans cater to a wide range of financial needs, offering flexibility with loan amounts ranging from $100 to $30,000.

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5. Large purchases

Personal loans allow you to cover steep automotive repairs or purchase major household appliances and electronics immediately. Though you’ll have to pay interest and potentially upfront fees, you may save time and money in the long run by avoiding having to use laundromats, rental cars, and other short-term, expensive alternatives.

What do we have?

  • At 24/7 Credit Now, they welcome individuals of all credit types who are seeking loans to cover their expenses, provided they meet the following criteria:
    • Possess a valid checking or savings account 
    • Be at least 18 years of age
    • Be a U.S. citizen or permanent resident

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In conclusion, the features outlined above highlight the appeal of personal loans as a versatile and accessible financial solution. As with any financial decision, it’s crucial to carefully consider your needs, compare options, and choose a reputable lender. Whether you’re looking to consolidate debt, fund a project, or cover unexpected expenses, the diverse features of personal loans make them a motivating choice for many individuals seeking financial support.