We all have been through it before – you urgently need money, but your paycheck seems centuries away. Why not take a personal loan? If you’ve suffered an emergency and urgently need money to avert a disaster, then a personal loan would do well to make sure you’re taken care of. However, there are some instances where taking a personal loan isn’t advisable, and downright irresponsible. In this article, we’ll look at some hilarious instances where you don’t really have to take out a personal loan.
1. So, My Cat Died!
You don’t need to take out a personal loan to fund your cat’s funeral. You obviously won’t need the latest in designer cat coffins and a special embalming. I’m not even sure there’s a kitty heaven, let alone a heaven for us people.
Ok, let’s face it; just because a personal loan doesn’t need you to come up with some form of collateral to qualify doesn’t mean that you should abuse this privilege.
2. The New iPhone Is Calling My Name So maybe you’re a technophile (a polite word for ‘geek’) and can’t wait to get your hand on the new iPhone, which promises to revolutionize your life (like helping you make coffee in the morning without hauling your butt off the couch). The truth is, there’s always going to be a new phone, new iPad and new whatchamacallit every time the sun rises; this is an impulse purchase that might see you collect phones and electronics that are going to be obsolete faster than you can say Steve Jobs. The truth is, really slick marketing is where it’s at, and if you knew what went on behind those trendy and sterile-looking advertising firm boardrooms, you’d wish you never turned on the television.
3. I Had This Dream About The Stock Market
Speculative dreams of visions that have you act as that God-awful psychic to Michael Jackson will get you deeper in debt than ten feet of quicksand. We all have ‘that feeling’ that something ‘good is about to happen’, and just because your hairs stood on end when you were flipping through the channels and saw this report on the rising coffee shares prices in Brazil doesn’t mean you should scurry on to your financial broker to get a personal loan. Perhaps it’s time to check that shifty AC of yours, or that static electricity-inducing rug? Just saying.
Jokes aside, personal loans can be extremely beneficial if used in the correct way. Here are some instances when it’s OK to take out a personal loan :
If you need to pay off your credit card bills, you can turn to a personal loan. This is because these bills can affect your credit score, making it hard or impossible to bring back your FICO score to acceptable levels.
A personal loan is also useful for when you need to celebrate a special event. This can include weddings, anniversaries and honeymoon trips. Just make sure not to overdo it, and spend wisely by accounting for everything in advance.
So there you have it ; a quick and sensible guide to your personal loan questions. Get in touch with a personal loan broker today to find out the different options available for you.
Peter Coppola is a personal finance and insurance expert. He mainly writes for personal finance and insurance blog, easyfinance.com.