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🟡 Common Uses for a Personal Loan
A personal loan is an excellent way to tackle any financial need that might come up during your life.
✅ Debt consolidation
Handling multiple debts? It can get really complicated to manage your finances. Simplify your repayments by consolidating your debts and have one clear schedule and lower interest rates!
✅ Medical expenses
Medical bills may rack up thousands of dollars. Take a personal loan and pay off in small installments each month. From dental care to veterinary, a loan can relieve your financial burden.
✅ Car purchase
It may take you a long time to save a sufficient amount of money to purchase a car. But what if a new vehicle is an urgent necessity? With a personal loan you can get closer to the goal. Apply and enjoy the ride!
✅ Home improvement
The more “wants” you have, the more money you need. We believe that feeling comfortable in your place is worth any efforts. With a personal loan in hand you can easily finance any project!
✅ Moving expenses
Whether you are relocating across the country or to a neighbouring district, it can take a huge sum out of your pocket. The best strategy to have a stress-free relocation is to take a personal loan.
✅ Starting a business
Traditional business loans may be out of reach for many companies that don’t have a sufficient annual revenue. A personal loan may become your ticket to implementing any business ideas you have right now.
✅ Boosting your credit
It sounds counterintuitive, but a new debt can boost your score. Most lenders report your loan payments to credit bureaus, which helps you establish your credit history. Never miss payments!
✅ Emergencies
Whether you’ve decided to get married, or you’ve lost a job, or have to arrange the funeral, a personal loan may be a quick and easy solution for your urgent needs.

⭕️ 7 Things You Need to Know When Talking to Debt Collectors
Knowing your way around the law makes life much easier. This universal truth may also change your communication with debt collectors for the better. Just read the excerpts from the Fair Debt Collection Practices Act (FDCPA) and get the upper hand over a person with poor lending practices.
Debt collectors have no right to:
❗️Convey false information about your loan amount and make you pay the wrong sum;
❗️Require you to pay fees and interests that aren’t permitted by the legislation;
❗️Keep calling you. Persistent calls is a form of harassment. There are other aspects regarding phone communication that are covered by the FDCPA. Debt collectors are forbidden to contact you before 8:00 a.m. and after 9:00 p.m. They also have no right to call your employer or third parties. Especially, if they are trying to find out your private data (like your location, for instance);
❗️Threaten you violence or any other action prohibited by the law;
❗️Harass you by using profane language;
❗️Violate your privacy by informing someone else about your debt. The only exceptions are spouses, parents or legal guardians (if you are under 18 years old), your attorney, creditors and their attorneys, credit reporting agencies;
❗️Ignore the law that states they must send you a written note about debt validation or disregard your own written request about debt verification.

Part.2 Risks of using personal loans
✅ Watch out high interest rates
Some personal loans may come with low interest rates, while others may be several times higher. We recommend that you look at the total amount you will pay, including interest, fees and principal.
✅ Beware of extra charges
Read the fine print carefully to not find yourself obliged to pay more than expected. This applies to various fees and penalties that may unexpectedly come out.
✅ Borrow for the right reason
Ask yourself, whether you really need or just want to make this or that purchase. A personal loan is a good option to cover only emergency expenses.

❗️Be smart about personal loans.
They can be a lifesaver, but don’t fall into a trap!
Part 1. Benefits of using personal loans
✅ Use for a variety of purchases
Use a personal loan for just about any purpose. You can pay off medical bills, or finance house renovations, or fix your car. Moreover, you can move several debts to one personal loan and simplify the payoff.
✅ Provide no collateral
You don’t need to put up any asset as collateral to obtain a this loan. Therefore, you keep your property safe from forfeiture in case you are unable to fulfill the repayment.
✅ Enjoy low interest rates
Depending on your credit score, you can qualify for a much lower interest rate than most credit cards come with. Note that the more attractive your score, the more affordable rate you can expect.
✅ Pay back in installments
Instead of paying one in lump sum of money, you pay your debt back in fixed monthly installments, making the payoff less stressful.
✅ Improve your credit
Replace your credit card debt with a personal loan and lower your credit utilization. Additionally, you diversify your debt types, which may add a few points to your score as well.