Signs It May Be Time to Apply for a Personal Loan

Personal loans are a type of product designed to offer individuals with the funds needed to make purchases when savings are not available. Continue reading this article to help determine if it’s time for you to apply for a personal loan with your local credit union.

Approved the loan application

Life-Changing Events
Many individuals turn to personal loans to finance major events in their life, such as a marriage, divorce, or the birth of a child. In some cases, individuals may apply for a personal loan when they want to finance an upcoming vacation or a trip with their family.

Renovations or Improvements
While some financial institutions offer home improvement loans, personal loans can also be used to finance renovations or repairs to your current residence. For example, a personal loan may come in handy when you want to upgrade your bathroom fixtures, need to purchase a new air conditioner, or want to make other energy-efficient adjustments.

Unexpected Bills
Personal loans are a great way to obtain quick cash when you are facing unexpected bills, including those due to job loss, medical expenses following a personal injury, and payments for vehicle repairs after an accident.

Wavering Credit Score
Many people do not realize that obtaining a personal loan can actually do wonders for their credit. Unlike credit cards that allow you to make only minimum payments on your debts while the interest racks up, personal loans require you to make fixed monthly payments, ultimately  improving your credit  rating.

Are you looking for a personal loan with competitive rates and financing terms? Give the GCS Credit Union a call at (618) 797-7993 for more information on our personal loans, auto loans, and mortgage products. You can also  visit our website  to complete our easy online application, or to find out more about our checking accounts, savings accounts, and investment services. 

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