Six Good Reasons to Get a Personal Loan

Many of life's pleasures cost a significant amount of money, as do many of life's hardships. A personal loan may be exactly what you need to clear a financial barrier you're currently facing, or it may give you the opportunity to achieve a high-ticket dream. There are plenty of reasons to apply for one, including, but not limited, to these:

1. Debt consolidation

As of the end of 2018, consumer debt in America was estimated to be around $4 trillion.¹ Americans owe 26 percent of their income to this debt and spend 10 percent of their individual monthly income on non-mortgage debts like car loans, credit card accounts and student or personal loans. Although disposable income has increased since 2013, Americans have also been amassing more and more debt.

A personal loan could help you get your debts consolidated into one loan with one monthly payment. Talk to your banker about the debts you have and the interest rate for each loan or credit card, and see if you can save money on interest payments by getting a debt consolidation loan with a lower interest rate. In addition, with only one loan, you won't have to worry about how to prioritize payments, or how much you're going to give to each collector each month.

2. Remodel your home

If you've been looking into any home remodeling projects, you've certainly noticed that it's not cheap, especially if you want high quality, professional work. The bigger your house, the more money you're looking at paying. From adding square footage and knocking down walls to plumbing and electrical work, the cost of permits, cabinets, flooring, etc., it's easy to imagine the bill quickly escalating. According to HomeAdvisor, the average cost to remodel multiple rooms ranges from $18,450 - $74,891.²

If that's not the kind of money you're ready to pay up front, you're going to need financing, and a personal loan³ from Nevada State Bank is a great option. A home equity credit line⁴ is also worth considering.

3. Pay for a wedding

Whether you're the one getting married or your child is ready to take his/her vows, a personal loan³ can be the perfect way to finance a beautiful wedding. This is one of the most important days in a person's life, so it's no wonder that many people spare no expense to make it as memorable and elegant as possible.

Believe it or not, the average wedding in 2018 cost $44,000, according to the Brides.com American Wedding Study, which surveyed more than 800 recent brides and brides-to-be.⁵ Costs continue to rise. The number just a year earlier was $27,000. Chances are, you're going to need some financial assistance.

4. Make a large purchase

Perhaps there is a large purchase you've been considering, but just haven't been sure how you'll realistically make it work. The answer is, quite possibly, a personal loan. Whether you've had your eye on a new motorcycle or speed boat or suddenly find yourself without a working HVAC unit as we head into the summer, a personal loan from Nevada State Bank can help you get exactly what you're after.

5. Pay your medical bills

Illnesses, diseases, and injuries are an unfortunate part of life, and sadly, the costs can be crushing for many Americans. If you find yourself in a dire financial situation as a result of medical bills, the situation is not as hopeless as it may seem. A personal loan can help you manage these costs in order to pay for and continue to receive the treatment you need.

6. Take a vacation

On the more pleasant side of things, you can also use a loan to take the dream vacation you've been fantasizing about for years. Travel can get pricey, especially when you factor in high quality accommodations, car rentals, airfare, and tourist attractions. But why deprive yourself of the enjoyment and memories that a lovely vacation can generate? The costs are much more manageable if you finance it with a personal loan rather than worry about paying for the entire trip in real time. Imagine how much more you'll enjoy yourself if you're not fretting about costs during your entire vacation.

These are just a handful of the ways in which a personal loan can benefit you. Learn more here. 

1. https://www.lendingtree.com/finance/consumer-debt-report-may-2018/

2. https://www.homeadvisor.com/cost/additions-and-remodels/remodel-multiple-rooms/

3. Subject to credit approval. Terms and conditions apply. See a banker for details.

4. Subject to credit approval. Terms and conditions apply. See a banker for details. See further disclosures on web page.

5. https://www.brides.com/gallery/american-wedding-study

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC