5 Reasons to Apply for a Personal Loan

December 20, 2022
5 Reasons to Apply for a Personal Loan

With a personal loan, you can use the money for almost any purpose. The application process, approval, and disbursement are usually quite fast and normally take between three to five business days, provided that the bank has all the information needed to evaluate the credit application. For these reasons, personal loans are often a good alternative for dealing with an unexpected expense that savings cannot cover.

Below, we share 5 possible reasons to apply for a personal loan.

  1. To consolidate your debts

If you have built up different types of debt throughout your life, such as private student loans, high-interest credit cards, and medical bills, consolidating your debts can help you obtain a more manageable monthly payment and a lower interest rate, giving you the opportunity to effectively manage your finances.

  1. To cover medical expenses

Sometimes unpredictable events force us to spend money we did not have on budget. During a medical emergency, you may have to pay expenses such as hospitalization, treatment, and other associated costs, which you could pay in installments with a personal loan.

  1. To make important purchases or prepare for an event

Maybe the unexpected expense is that you have to buy a generator because the power went out. You need this to power electronic devices used to study, work, or turn on special medical equipment. A personal loan can help you make large, unbudgeted purchases.

  1. To pay school tuition or childcare costs

The school semester has begun, and the money you had set aside for tuition or childcare has been spent on other priorities. You can apply for a personal loan to pay tuition dues, especially if you are offered a competitive interest rate— and don’t forget money for textbooks and school supplies!

  1. To pay for home improvements

You may also request a personal loan to make improvements to your home. Whether it’s building the outdoor terrace, pool, or treating the roof for leaks, a personal loan can help you reach your goals without requesting a second mortgage that puts your home at risk. If the improvements you want to make amount to less than $75,000, a personal loan is your best option.

If you need to request a personal loan, click here to learn more, or call TelePréstamo Popular® at 787.294.2572 or 1.888.724.3653, weekdays from 8:00 a.m. to 7:00 p.m., and Saturday from 8:00 a.m. to 5:00 p.m., or visit your nearest Popular branch for more information. Loans are subject to credit approval. Certain restrictions and conditions apply. Equal Housing Lender.