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How A Personal Loan Can Come In Handy For Your Family

How A Personal Loan Can Come In Handy For Your Family
As much as we would like to prepare for everything that happens in life, like when to get married or when to start a family, the sad thing is that we can’t.
There will always be times when things happen in our lives when we least expect it and which are out of our control. Unforeseen situations can happen any time, and most of the time those situations require financial aid. 

Many families in South Africa find it difficult to financially prepare themselves for tough circumstances. As a parent, you often have so many expenses to deal with at once, like paying for your children's school fees, purchasing clothes and food for them and yourself. At the worst of times this can leave you with no disposable income should there be an emergency, which is where personal loans can help. Here are a few tips on how to use personal loans to ease the financial strain on you and your family. 

- Home renovations 

Home renovations can be extremely expensive and out of your budget. A personal loan can help you build or remodel your family home, exactly how you imagined it would be. You can use it for home improvements or replacing furniture and household appliances that no longer work. If you’re planning on starting a family, a personal loan can be used to purchase furniture for your baby’s nursery and to help you make sure you create a child-friendly environment. 

Additionally, personal loans can come in handy should there be a home emergency. For example, we all know how frustrating and the amount of mess it can make when experiencing a geyser burst your home. As previously mentioned, crises like these are unexpected, and more often than not, people struggle with having money available for this. This is where a loan could help as you could repair damages immediately. 

- Consolidating credit card debt 

Many people have used personal loans to consolidate their debt. If you’re struggling to pay monthly repayments on your credit accounts at different retailers, then you could try and consolidate your debt. Having different monthly repayments, with different interest rates, can be stressful and hard to manage, especially during a time where you’re struggling financially. Using a personal loan allows you to consolidate your debt to give you one monthly instalment, with one interest rate to pay. Many lenders of personal loans in South Africa have payment loan repayment calculators which will give you a guideline of how you can repay the lender. 

- Hospital bills 

An accident can occur anytime especially when children are involved. Children spend their days playing and running around, therefore, it’s easy for them to hurt themselves or catch a virus. Medical aid can be quite a costly option,  and some parents can’t afford it. 

With a personal loan, you could pay medical bills should your children, yourself or significant other be in an accident or be diagnosed with an illness. When these troubling times occur, having issues can be a huge problem which can cause stress for you and your family. Getting good medical treatment is very expensive especially if you don’t have medical aid.

- Pet care 

Owning furry friends also requires money, and just like children you never know when your animal will become sick or injured. Taking them to a vet can be quite costly, and if paying for a vet isn’t in your budget at the moment, a personal loan could come in handy, allowing you to give your pets the medical attention they need. 

- Car repairs

Vehicles tend to break down at the worst of times.  Many people in South Africa don’t have car insurance, or they only have insurance coverage that pays for the other parties car. Personal loans can be helpful when covering your car repairs. Or when your car refuses to start in the morning, this can cause unnecessary complications and mechanics cost a pretty penny.

Final thoughts 

Personal loans are extremely useful in cases of emergencies. Especially when you hadn’t expected it, borrowing from friends and family isn’t always the best idea as owing money can cause tension in relationships. 

A personal loan can ensure you are sorted when an emergency occurs. People often assume that you can or should only take out personal loans for large amounts of money, however, that isn’t the case. Personal loans are made to simplify your life during an emergency, especially for people who have families. 

Keep in mind that in order for you to get pre-selected finance, the decision will be based on your credit score. If you have a low credit score, chances of getting approved and qualifying for the lowest interest rate can be difficult. If you have a low credit score, there are a number of ways you could increase your credit score.
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