If only life were like the movies… Wouldn’t it be amazing if whenever you were down, out of luck, stuck at a crossroads or at a loss as to what to do next, a quick scene change, a new character or even a fairy godmother appears out of nowhere to grant your wishes, give you the answers and, in the case of fairy godmothers, give you a great new outfit, a carriage and a night out? If you’re thinking this is just a flight of fancy we can promise you it’s not, even Psychology Today says we all need fairy godmothers.
Unfortunately, in life outside the screen, things are rarely as simple, nothing is scripted so complications are rarely resolved in just 83 minutes and, tragically, we’ve never stumbled across Ryan Gossling. However, and bear with us here, when you break it down – a personal loan is more or less the fairy godmother of personal financing.
What is a personal loan? A personal loan is a sum of money borrowed from a bank, credit union or online lender that can be used to cover a gap in financing and paid pack in instalments or fixed payments over a period of time. If you’ve got a history of good credit then these loans are typically low-interest loans. They can be either unsecured loans based on your financial history or a secured loan meaning they are backed by collateral which the lender can take possession of if you fail to repay the loan.
So what can you use a personal loan for? Well, basically anything (within reason)! To hark back to our earlier Disney metaphor, you can take out a personal loan to pay for anything that you might have, in another world, called on your fairy godmother to provide. If you’re looking to buy a car, set out to travel and see the world, renovate your home to suit your changing needs, fund a wedding, or even just consolidate your debts – you can take out a personal loan to cover those costs. To learn more about which types of personal loans and repayment options are best suited for your specific needs check out this page.
So now we’ve established that a personal loan is a simple solution to the problems you’re facing, all you need is the fairy godmother pep talk convincing you to put yourself and your dreams first. You are important, you are the main character in your own story and your dreams should be of paramount importance! To quote many modern philosophers (and Drake), you only live once and so you shouldn’t be afraid to take out a loan if the rewards it provides you with come in the form of an absolutely magical future. If a loan is what you need to take your dream honeymoon, do it! If a loan could help you pull your kids out of school for a year and travel around Australia or show them the historical marvels of Europe then do it – after all, they’re only young for so long and you can’t put a price on precious memories. If your growing family means that your house needs renovations then you should absolutely consider a loan, after all, turning a house into a home is one of the most important things you can do. If your dream wedding costs just a little bit more than you can afford then you should think about picking up a little bit of extra risk to make the most important day of your life a little more special.
So, remember if you need a little bit of financial help to make something your life a little bit magical then talk to your bank about the possibility of a personal loan.