Tips for Using a Personal Loan

There are times in life when we need to cover costs that don’t fit within our budget. The ideal solution is to save up for a big expense, but that’s not always possible. When this happens, a personal loan may be your best option for boosting your spending while keeping your interest rate and repayments low.


If any of the following describe your situation, a personal loan may be right for you. When you’re ready, stop by and see Mountain Community’s lending team. We’ll answer your questions and help you get started.


  • Consolidating debt. If you’re struggling to pay off high-rate credit card balances, a common solution is to pay them off with a lower-rate personal loan. Then, you simply make one low monthly repayment rather than dealing with multiple debts.


  • Expanding your family. There are endless upfront costs associated with a new baby, especially in situations where you need to move to a bigger home, cover large medical bills or pay for expensive adoption fees.


  • Covering seasonal costs. The holidays are often a time of financial stress. Gifts, food, travel and time off from work can all add up. Instead of turning to high-rate credit cards or department store cards, a personal loan could be a better budget booster.


  • Celebrating life events. Anniversaries, vacations and weddings are all times that call for extra cash. Big milestones such as starting college are also popular reasons for members to seek out personal loans.


  • Managing unexpected emergencies. Big medical bills. Vehicle repairs. A leaky roof. When life doesn’t go as expected, it’s comforting to know that financial support is nearby. The application and approval process for a personal loan is quick and easy to get you the cash you need.