Top 10 Dos and Don’ts for Personal Loans

1. Do use it to consolidate debt. Put all high-interest credit card debt and payday loans into one loan with a fixed rate, a fixed monthly payment and a closed-end term. You’ll save money and make debt management a lot simpler. Be sure to close any credit cards you pay off so you don’t rack up another large bill.
2. Don’t use it to pay for your college tuition. Instead, go through Sallie Mae which you may connect to through E&G Employees FCU.
3. Do use it to finance renovations on your home. Be smart about your renovations, though, and only choose those that will increase your home’s value.
4. Do use it for moving expenses. Whether you’re moving cross-country for a job opportunity or another reason, a personal loan can help pay to transport your car, to move your belongings and to buy furniture for your new residence.
5. Do use it to pay for large, unexpected expenses, like a funeral or adoption costs.
6. Do use it to foot medical bills, especially for things that are not covered by most insurances such as fertility treatments, large dental treatments and cosmetic surgery.
7. Don’t use it to pay for everyday expenses. If you find yourself doing this, you may be in financial trouble. Speak to a E&G Employees FCU representative for help with debt management and general financial guidance.
8. Do use it to purchase a car, boat or RV.
9. Do use it to take a dream vacation. Don’t do it twice a year, but a personal loan can help you finance your trip for a milestone anniversary or another special occasion that warrants an extravagant vacation.
10. Do use it to pay for a wedding. A personal loan will give you more flexibility than a wedding loan.