We all know that life happens, and when life happens, sometimes we need help. That help can come in the form of emotional support, spiritual support, and of course, financial support. There’s nothing wrong with needing help sometimes either. Some people will tell you that asking for help is a sign of weakness, but I’m here to tell you, not the case at all.
People have all kinds of reasons as to why they need loans. Some of the reasons are pretty common and legitimate, while others are a little off the wall. Nonetheless, when people need financial help, the money is out there and available to those who need it. There are loans for bad credit and good credit, you just pick which category you fall in, and take advantage of the finances that are available to help you, whatever your goals in life. If you’re wondering if what you want to do is “loan worthy,” take a look at some of the most common reasons loans are utilized.
Debt Consolidation
We all have bills here, there, and everywhere. Debt consolidation is a great way to put the convenience of paying everything off with a loan and then just paying the loan by itself. There’s no more having to remember which bill is due on which date…all you’d have to remember is when the loan’s due date is. You wouldn’t even have to remember how much to pay because loans also offer the convenience of a monthly fixed rate. So that means that there are no fluctuations in what you pay each month… it’ll be the same every month for a set amount of time.
Pay Credit Card Bills
If you’re not careful, your credit card bills can pile up, along with interest payments, and leave you sitting in a bottomless pit of debt. You’ll find yourself swiping and swiping, and the next thing you know, you’ve maxed out your card. Maxing out your card not only increases your utilization rate but can severely damage your credit score. You generally want to keep your credit card utilization rate at or below 30 percent. Using your credit card responsibly is key.
Pay Medical Bills
Having a medical condition is already stressful as it is, and the medical expenses associated with these conditions can be enough to drive anyone into debt, not to mention anxiety and depression…especially when it’s unexpected.
As we age or get sick, we will require necessary medical appointments and procedures. The purpose of these appointments and procedures is to improve our quality of life, but in doing that, it can take a huge chunk out of our pockets. Depending on what you’re having done, you could be facing some large and frequent bills.
Unexpected medical situations can be quite daunting. Having a medical emergency come up with no insurance is even more expensive. Typically, when you have insurance, you will have to pay some sort of copay, and that can also be expensive, depending on who your insurance is with, and the type of insurance policy you have. Now, imagine that unexpected medical emergency with no insurance…it’s ten times more expensive for someone with no insurance versus someone with insurance. Some facilities won’t even see you if you don’t have the money to pay up front.
Your payments will cover the doctors, nurses, anesthesiologists, physical therapists, and x-ray technicians…that’s not even covering the actual services like labs, tests on your labs, surgeries, and x-rays. A loan will allow you to pay all these expenses up front, leaving you with only one bill to pay, instead of having to pay various healthcare facilities and physicians individually.
Home Improvement
On top of needing to do laundry, wash the dishes, and make dinner, you also need to replace the garbage disposal, buy a new hot water tank, and clean the gutters. When it comes to matters of the home, it just seems like there’s always something that needs to be done. A lot of people complain that whenever they have a little bit of extra money in their pockets, they always have to spend it to pay for something outside of leisure…like home improvement projects.
Sometimes, it’s just easier to compile all the home improvements needed on a list, get quotes of how much it will cost to get all of it fixed, and then just get a loan to pay for it all. It’s certainly a lot easier than having to pay different amounts to multiple companies on a monthly basis. These home improvement projects are expensive, so when compiling your list, be sure to prioritize them. Put the projects of the highest importance at the top, and then list them in descending order, down to the least important.
For example, if you need a new roof because it leaks every time it rains, that would most certainly take precedence over needing to buy new paint for your house, simply because you don’t like the color. Loans are very helpful in times of need, but you also want to make sure the additional money is being put to good use, and not being blown on nonsense, because remember, you do have to pay this money back.
A Vacation
You may not think of a vacation as a critical need, that you should treat as an investment, but for some people, they are! Vacations allow you to leave home and go to a place where you can leave your worries behind, if even for a weekend. It’s detrimental to ignore our physical and mental health, as both are critical in order to function in our daily lives, and sometimes a nice vacation is just what our bodies need to recover. So, if you want to take out a loan to cover your vacation expenses, you certainly wouldn’t be the only one.
You never know why people need a vacation. A person might work a stressful job, working 60 hours per week…a person who works like that not only needs a vacation but also deserves one as well. I can recall working at a call center in the sales department. That was the most stressful job ever. Talking on the phone all day, trying to sell people products that they don’t want, and enduring yelling from customers was all the motivation I needed to go on a week-long vacation. Sometimes, you just have to listen to your body and do what it tells you to do, and if it says to go on a vacation, then you have to do whatever is necessary to make that happen.