When used effectively, personal loans can be beneficial to your overall financial health. From managing your finances and consolidating debt to making renovations to your home, a personal loan can help.
Sometimes, a personal loan can help in an emergency, for example when a boiler breaks down or you require urgent medical care. Other times, it can help fund a home renovation project or a wedding. Here are some of the top reasons people might apply for a personal loan in 2021.
After spending a large portion of the last 12 months at home, many homeowners are now looking to make much-needed renovations to their property. Whether it is home office upgrades or installing a new kitchen, many will assess their finances before undertaking a big renovation project.
Unsurprisingly, many will also be turning their attention to their gardens this year. With outdoor meetings in groups to be one of the first restrictions to be eased this year, homeowners up and down the country are hoping to create relaxing and inviting outdoor entertaining spaces.
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As the car industry moves towards an electric-only future, drivers across the UK are considering upgrading their petrol-powered vehicles for new electric ones. A personal loan can help fund the deposit for an electric car lease and many drivers are expected to go electric in 2021.
Although weddings do need to be kept small as lockdown is eased across the UK, the success of the vaccine rollout has given couples new hope that they will be able to host intimate weddings in 2021. To secure their favourite venues, many couples may take out personal loans to cover the deposit costs.
Unfortunately, you cannot plan for emergencies. When your car needs work unexpectedly or your plumbing springs a leak that floods your bathroom, you may find yourself unable to pay for the work upfront. Many people use short-term personal loans to fill the gaps and fund emergency work.
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For employed people 2020 gave them a great chance to save some cash and pay off debts. As the lockdown has continued into 2021, many people will be focused on clearing or consolidating lower amounts of debt. Personal loans are often used to clear debt and boost credit ratings, with 2021 being no different.
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