Money: 9 compelling reasons why you may need a personal loan now

Here a few reasons why a personal loan is helpful at different times in our lives.

Start your own business

Unless you are born into a rich family or married to a rich spouse, you need to take a loan to start your new business.

New entrepreneurs need huge sums to buy office space, equipment, and raw materials.

Before you take such risk, calculate the risk involved and investment returns.

Buy a car

Security and comfortability over everything when it comes accommodation. If you live very far from your office and take a loan to buy a used or brand new car.

Make sure that you get a full inspection on the used vehicle before purchasing it so they can highlight any major mechanical issues that might be a problem later.

READ ALSO: 5 bad savings habits Ghanaians need to stop now

Debt consolidation

Consolidating multiple debts into one single payment makes the actual payment process much easier than if you would take care of all the loans separately.

It also reduces the interest rate but some people think that debt consolidation is a too risky business that may drag you down even more from the point you can be now.

Paying for school fees

Ghana, unfortunately, doesn’t provide free education in universities and colleges. Education is very expensive so the best option is to apply for sponsorship or take a loan.

Rent a new apartment

Depending on the location and amenities in the apartment, rent can be expensive. Some people can save a huge sum of money without dipping into it or investing it. It is best to take a personal loan and pay monthly with the interest on your investment.

READ ALSO: 10 tips on how to save time and meet your target at the office

Pay for wedding expenses

Some couples take loans to finance their dream wedding. The spent the money on big tickets items wedding bands, gown, photography and book expensive hotels for their honeymoon. They used their savings for the reception venue, decor, food, and drinks.

Finance funeral expenses

Funerals are grand ceremonies in Ghana. Organizing funerals can cost more than a wedding depending on the type of casket and other services that are purchased.

If a deceased person left behind an estate and other businesses, a family member or other person can get a personal loan to cover the deceased’s final costs.

Pay for medical bills

Your health is your wealth. Some people take personally to cover unexpected medical bills such dental services, orthodontics, cosmetic surgery and fertility treatments which cost thousands of cedis.

READ ALSO: 4 ways Ghanaian parents can teach their kids how to save

Pay for dream vacation

After working for 300 days, go on a luxurious vacation to relax and have some fun. Boat cruise, extended stay abroad or exotic destination can get pricey. Take a loan to fulfill your dreams.

Here a few reasons why a personal loan is helpful at different times in our lives. Read Full Story