Occasionally, you might need additional financial help. No matter if you’ve run into debt or you’re struggling to get by due to your personal financial situation, there’s no shame in seeking extra support if and when you need it.
Whether you’re looking for reassurance or you’re just curious about personal loans, read on to learn a few of the circumstances that could call for borrowing some cash.
- A family emergency
Sometimes, you might unexpectedly need financial aid to help yourself or a family member with medical treatment. Even though we’re lucky enough to have an excellent healthcare system in the UK, some patients sometimes aren’t seen as quickly as they need to be.
If you’re facing long waiting times on the NHS for a desperately needed appointment or operation, you might wish to take out a loan to be seen by a medical professional without delay.
- Household repairs
You never know when something might go wrong in your home and therefore you may not have the required funds needed to cover should an emergency arise.
If you’ve been unfortunate enough to suffer a major leak for example, a boiler breakdown or storm damage to your roof, chances are you’ll need to get it repaired immediately. From needing new pipes or replacement tiles to rewiring the house at short notice, fixes come at a price.
For emergency household repairs, many families opt for personal loans to cover the cost of the maintenance instead of taking money out of savings or falling out of pocket.
- Car maintenance
Cars while essential for most of us, they can also unexpectedly it you with a wide range of issues, often incurring unexpected costs. In particular, older vehicles might need certain parts repairing or replacing. With mechanical labour charges on top of the cost of parts, motoring can quickly become very expensive.
Taking out a personal loan for repairs can be a sensible and more affordable option if you’re in urgent need of a large sum to keep you on the road.
Final reminders
It’s important to remember that all personal loans come with terms, including:
- Repayment terms: Typically between one and five years, this is the amount of time you’ll be given to repay your personal loan
- Interest rates: This is shown as a percentage (APR) charged by the lender based on your risk profile, so make sure you check the total and monthly costs before applying
- Monthly repayments: These are fixed for the duration of your loan, however some lenders will give you the option to repay early, but there may be a fee for this, so check first.
Always think carefully before borrowing money – and make sure you’ll be able to afford the monthly repayments, too. Working out a repayment plan or household budget is the best way to ensure that you’re able to keep your finances in good shape.
