Holiday Hangover

Suffering post-holiday panic?

When it comes to your personal finances, you might be skeptical that borrowing funds to pay off your debt seems a little nonsensical. But the reality is that a personal loan might be a perfect fit for you and just the tool you need to assist you in getting your finances back on track in the new year.

A few reasons that a personal loan might fit your current needs are:

- You need the funds quickly. Most of the time, funds can be made available in a matter of days.

- You have a strong credit score. The lowest interest rates are reserved for borrowers who have good credit.

- You want to pay off high-interest debt. Personal loans are a good way to consolidate and pay off costly credit card debt.

- You'll use the funds toward necessary expenses. Other good reasons to use personal loans include paying for emergency expenses or remodeling your home.

Many people like the convenience of personal loans because you receive your funds in one lump sum. And because you get the loan payment all at once, it can be easier to make a large purchase, consolidate debt, or otherwise use the loan all at once. Plus, you'll get a fixed interest rate and predictable monthly payment, making the loan easier to manage, and helping you to avoid late payments.

Personal loans also offer flexibility and versatility that specific loans don't. For example, purchasing a vehicle is the only way to use the funds if you take out a car loan. But you can use a personal loan any way you want - from consolidating debt to paying medical bills. Plus, these loans often have a lower interest rate than credit cards.

Also, if your new year's plans involve making improvements to your home, a personal loan can make sense, especially if the project adds value to your home. You avoid racking up credit card debt or having to pledge your house as an asset like with a home equity loan.

So how do you go about applying for a personal loan? To determine whether you qualify, a lender will check your credit and income to gauge your ability to afford the loan. Applicants with high credit scores, strong income, and low debt usually receive the lowest rates. Personal loans are installment loans; if you're approved, you'll receive a lump sum of cash that you repay in fixed amounts on a monthly basis until the loan term expires.

Finally, technology makes applying for a personal loan super convenient! At Telhio, you can apply online at and also use a rate calculator to calculate your payments.

So don't start your new year off in the hole! Consider a personal loan and head into 2023 with a stress-free plan.