Although many take out loans for those emergencies in life, did you know that in reality, there’re loads of reasons to take out a loan, not just for emergencies! At Smart Money Cymru, we’re all for allowing you to chase your dreams, but in a way that’s ethical and helps your local community in the process!

So, what can you take out a loan for? And why?

Wedding Costs

The average UK wedding costs around £20,700 according to Hitched, which is quite the bill. If you and your partner are comfortable with idea of taking on debt, you might want to consider a personal loan to pay for your wedding expenses! Of course, your wedding doesn’t have to cost nearly as much as the average, but if celebrating your special day in style is high priority, why not plan the numbers to see if a loan is the best way to cover the costs! You don’t even have to cover the entire wedding, and if you’ve got the wedding covered, but need money to pay for the engagement and/or wedding ring, you could look into financing that with a loan instead!

Home Renovations

Whether you’re looking to do a full DIY job or just upgrade your appliances, a personal loan gives you the option to pay for home repairs with an instalment plan! For somewhat smaller purchases, such as a fridge replacement or washing machine, consider heading over to Smart Goods instead of taking out a huge loan for them, that way you can focus your loan into one place!

Paying for a renovation over time allows you to spend less time worrying about the cost behind it, and more time actually getting on with the renovation! Personal loan funding turn times are also usually quicker with less paperwork hassle than home equity financing, making them a better way to finance small renovations or repairs!

Garden Work

Much like home renovation, taking out a personal loan for garden renovations is a great way to get ahead of the game as summer comes around! Whether it’s buying new equipment to help you tidy up the garden, furniture to spruce it up, or even to invest in new plants to really spice up the area! Again, much like home renovation, if you’re simply wanting to replace the lawn mower or some minor equipment, why not look at taking out a Smart Goods loan instead? This way you can get the best equipment, without worrying about the cost!

Moving Costs

According to Checkatrade, the average cost of moving house can cost up to £1,800 (for a four-bedroom house.) After paying out for a mortgage, survey, and very likely new equipment for the new house, moving costs can soon begin to mount up! So, why not consider taking out a personal loan to help you along, whether it’s to tie you over until you get the payslip from your new job, or just to bolster the mounting expenses.

A personal loan could also pay for moving truck costs and for paying the workers to do so, new furniture, cross-country vehicle transportation and moving supplies!

Holiday Costs

According to NimbleFins analysis of data from the Office for National Statistics, the average per-person cost of a 9-night holiday abroad is now £1,094. When you’re planning a family holiday, that cost can begin to mount up! A personal loan could give you the funds to splurge on a honeymoon, go on a trip to Europe or even the States after you graduate, or celebrate a special anniversary getaway!

Using a loan to finance a big expense rather than a credit card can save you money, as you can lock in a lower interest rate, and with a community bank, can take out that loan in the knowledge that you’re helping the local community!