Sometimes you need money for an emergency. Or you already have an expensive loan, and lowering the payments could give you a little extra cash every month. Or you know your small business could thrive if you had just a little more working capital. In these types of situations, Simple Path Financial advises that a loan might be the way out of a jam.
1. Personal Loan
Life is expensive and often unpredictable. Your spouse breaks a leg, or your kid has a once-in-a-lifetime chance to travel abroad on a school field trip, and you just don’t have the cash. You usually have a small income cushion every month, but that doesn’t help you now. A personal loan can often provide you with the money you need.
2. Student Refinance
Like a high percentage of American college graduates, you may have student loan debt, and it will typically stay with you for decades. Simple Path Financial suggests that refinancing a federal student loan can generally yield a more manageable monthly payment and help you get out of debt sooner.
3. Business Loan
The first years of a small business are often the hardest, from a financial standpoint. Small business loans can help you stock up on inventory, buy a new company vehicle, or make sure your staff gets paid during the slow season.
Almost no one wants more debt, but sometimes it can be a sensible solution to get over whatever obstacle is in your way.