Short Term Loans

Benefits of a Small Personal Loans

You’ve probably heard the term personal loan before and wondered what it is and why you might want one. In some cases, you might think it is something that only people with bad credit who need money in an emergency need, but many types of people use personal loans all the time. Some people even keep an open credit line for when they need money in a hurry. Here are some ways small personal loans benefit you.

Raise Your Credit Score

One of the best things about a personal loan is that it can raise your credit score quickly. Most personal loans are for smaller amounts and repaid in a lot less time than a car loan. This means the debt will show paid in full quickly and raise your credit score. This can help you get a car loan or mortgage at a lower interest rate.

Make a Large Purchase Without a Store Credit Card

When you’re ready to make a large purchase, you might not have enough cash on hand to buy the item outright. Many stores will offer you a store credit account to make the purchase. However, their interest rates can be much higher than a credit card, making it more expensive than a personal loan.

Consolidate Bills

If you have a lot of credit cards or credit accounts, you might owe a little to a lot of people. You’re faced with making monthly minimum payments to all of them and that can add up quickly. A personal loan can help you create one, lower monthly payment to give you some breathing room.

At Credit24, we can help you get a small personal loan quickly. Contact us to learn more.