There are many reasons you might take out a personal loan:
- Get going with plans and projects sooner by receiving quick access to funds
- Boost your budget so you can buy what you need without compromise
- Make a big payment more manageable by spreading the cost
You’ll probably know people who’ve taken out a loan for a car, a once-in-a-lifetime holiday or home renovations. But there are lots of different ways you can use a personal loan to invest in yourself, your family and your future.
Here are a few ways a personal loan could help to make a big difference to your life:
1. Pay for an education course
You might want to enrol on a post-graduate course, retrain for a whole new career or simply boost your skills by achieving a qualification in a field you’re passionate about. Furthering your education can open up a world of opportunities, but it can be a costly endeavour. If you don’t have the money to hand, and saving up will simply take too long, a personal loan could be a good way to access the funds you need to apply for a potentially life-changing course.
One of our customers, Richard, used his personal loan to get his career back on track by consolidating his debts and enrolling in a retraining course. Read Richard’s inspiring story.
2. Say 'I do' to a fairytale wedding
A marriage is one of life’s biggest commitments, and you’ll want to make sure your big day is as special as possible. Mark this new chapter of your life by planning the wedding of your dreams. If you don’t quite have the budget to make your vision a reality, a wedding loan could help you top-up your funds so you can enjoy the best day of your life.
3. Find the funds for school fees
Whether your child’s already settled in a fee-paying school or you’re looking for a new place for them, a personal loan could help you to manage the cost of school fees. Instead of finding potentially thousands of pounds upfront, you could spread the cost over more manageable monthly payments instead. Simply take a loan out for the money you need and pay it back over fixed-rate monthly instalments. Many parents find this is a simpler way to manage their finances while ensuring their child has access to the most suitable education for them.
4. Consolidate your debts
Debt soon mounts up and can quickly become unmanageable through no real fault of your own, which could eventually impact your credit score if you’re not able to make your repayments.
If you have several high-interest credit cards, for example, and you only pay off the minimum repayment you could find yourself barely making a dent in your debt.
It could be possible to take out a personal loan and use the money to pay off other debts. This will leave you with just one monthly payment to worry about, helping you to get your finances back on track. A debt consolidation loan may also have a lower interest than your other debt, such as high-interest credit cards, so you could save a bit of money in the long-run too. Spend money paying off your debt rather than paying off mounting interest.
If you’re interested in finding out the impact a debt consolidation loan could have on your life, read Nicola’s story. Nicola took out a loan with us to help her reach her goal of becoming debt-free, and it gave her the motivation she needed to make sure she doesn’t get into unmanageable debt again in the future.
5. Planning to have children
A new arrival can be one of life’s most exciting moments. But while the first year might be a magical time for your family, it can also be expensive. Research suggests families in the UK spend £6,000 on average in the first year after having a baby. There are lots of new things to buy, from essentials and baby clothes to a cot, car seat and pushchair, and it’s likely your household budget will have taken a hit due to parental leave.
Want to plan for a family but you’d rather spread the cost of baby purchases over a longer period of time? With the option to repay a loan over several years, you can celebrate the birth of your new arrival without the worry of big purchases playing on your mind.
6. Making a house move a breeze
Buying a house is one of life’s biggest milestones. Maybe you’ve got your deposit sorted and the mortgage ready to go – and now all that’s left to do is move house.
The costs of moving home can soon add up. Stamp duty, legal fees, house removal costs and storage could cost thousands. And that’s before you even think about cleaning costs, insurance, plus any repairs or redecoration you’d like to carry out. Some experts suggest moving house is costing homeowners nearly £12,000 – and that’s not including the money used for a house deposit.
If you’ve found your forever home and you need to free up some extra cash to help get things moving, a personal loan could help. With Novuna Personal Finance, you could secure the money you need in just two working days (subject to your loan application being accepted and completed). So you could access the funds you need at any stage of the moving process, helping you to combat any unexpected fees or nasty surprises.
How would you use a personal loan?
It’s not always possible to save up for major milestones or live events. Or, perhaps, you’d rather keep your nest egg intact for a rainy day and take out a personal loan to pay for a big purchase instead. Novuna Personal Finance is here to help. Use our loan calculator to find out how much it could cost to borrow the money you need, or take a look at the five things you need to know about personal loans for more information.