10 Ways You Can Use A Personal Loan To Get The Most Out Of 2017

By BankBazaar | February 28, 2017

10 Ways You Can Use A Personal Loan To Get The Most Out Of 2017

Every single year we promise ourselves that we’ll make the most of the months to come by doing all the things that we’ve always wanted to do, or at least getting rid of all the unnecessary clutter in our lives.

Whether it has to do with reducing outstanding Credit Card dues or just taking a long sabbatical to get away from it all, we never quite seem to be able to put these things into action.

Additional Reading: Shred Those Credit Card Debts To Nothing

Usually, the most common reason we spend year after year just moping about not doing anything significant is because of a distinct lack of funds. Either we’re always broke because we tend to go on a spending spree as soon as we see money sticking out of our wallets or we just tend to rack up debt to keep up with a lifestyle we can’t really afford.

If that rang a bell something fierce, then maybe, just maybe, 2017 could be the year you finally get your act together. If you’ve never contemplated taking out a Personal Loan before, now is probably the right time to consider doing so.

You’re probably thinking to yourself, ‘A Personal Loan? Won’t that just increase my debt burden?’ Well, technically, yes it does. But not quite the way you imagine it.

Personal Loans not only give you a massive cash injection to take care of cash shortages or mounting expenses, but they can also help you consolidate all your debt (including Credit Card debt) under one roof.

This means you can pay off any and all outstanding dues with the money you receive from a Personal Loan and pay back the loan amount you acquired at a certain rate of interest over a specified period of time, according to your financial requirements.

Check This: Personal Loan EMI Calculator

Now that we’ve waxed lyrical about the benefits of a Personal Loan, we’re going to give you 10 ways you can use the money you receive from taking out a Personal Loan to get the most out of 2017.

1) Head Out Into The Great Blue Yonder

You’ve probably spent years on end daydreaming about all the exotic places you’d love to visit one day. And every time you actually manage to save some money and start planning for a few weeks of globetrotting, an unexpected expense comes up or your boss tells you he desperately needs you around because the fate of the universe hangs in the balance.

Or maybe you just don’t have enough money to travel much further than your grandmother’s bungalow down the road. In any case, taking out a Personal Loan could solve your money problems in a jiffy.

With a Personal Loan, the world is literally your oyster. You could use the money to book yourself airline tickets to any destination you ever dreamed of. And not just that, you could even check yourself into fancy hotels or even go on a fancy holiday package to get even more bang for your buck.

Also, don’t forget to apply in time for your visa, especially if you’re travelling abroad. And if getting out of the country is high on your agenda, then getting yourself a good Travel Insurance Policy is imperative. This will help you stay protected against any emergencies or mishaps that may befall you on your travels.

BB Tip: While taking a Personal Loan and making the most of it is great, make sure you have a plan in place to pay back the loan in a comfortable manner.

Additional Reading: Travel Insurance Plans For Globetrotters

2) Consolidate, Consolidate, Consolidate!

If one of the reasons you’re busy moping about at home year after year is because of the crushing weight of debt, then a Personal Loan can help you consolidate all your outstanding dues.

If you’re still just keeping your head above water by paying off the minimum amounts required on your Credit Cards, and if you have a bunch of other unresolved dues still haunting you, then you can use a Personal Loan to pay it all off at one go.

By doing this, you not only get rid of a ton of stress, but you also get to pay off your Personal Loan at a lower interest rate than your Credit Card, over a period of time that suits you. Since Credit Cards usually come with higher interest rates than Personal Loans, it should be an absolute no-brainer. Choose a repayment tenure that lets you pay back the loan in manageable EMIs and you’re all set.

So why not go ahead and make 2017 the year you finally got down to effectively managing your debt burden once and for all?

Additional Reading: Should I Take A Personal Loan To Pay Off My Credit Card Dues?

3) Renovate

One of the most nifty things about a Personal Loan is that you can use the money you acquire from it for just about anything under the sun. So, as long as you aren’t taking out a Personal Loan to organise a hit on someone mafia-style, there are no restrictions on what you can do with the money.

So, keeping that in mind, why not use a Personal Loan to spruce up your home or apartment. You could junk your mouldy, old furniture and buy some snazzy looking décor, or get rid of that dreary wallpaper and brighten up your walls with a brand new paint job.

Or how about retiling your roof and installing a skylight to give your home a facelift. From new curtains, to carpets, to floorboards, to bookshelves – you could do a ton of things to uplift your living space and give yourself a new lease on life.

Think of all the cool parties and sleepovers you could throw over the weekends. After all, it has been scientifically proven that the more pleasing your immediate surroundings are, the better your mood is.

Additional Reading: How To Get A Personal Loan To Work For You

4) Take The Plunge

Have you always wanted a swimming pool of your own? Have you gazed longingly at all those houses with the entire family splashing about in their own private pool? Well, gaze no more! It’s time to get your feet wet in your own backyard.

With a Personal Loan, you can make your dream of owning a pool a reality. If you have enough space in your backyard then that’s half the battle won. Installing a pool may be fairly expensive, but with the help of a Personal Loan, you could be floating about on those hot, sunny days with a cocktail in your hand while the neighbours look on with envy.

And if you’re one of those health freaks, then you know as well as we do that nothing beats a good, solid workout in the pool. At least that way you can put those embarrassing orange speedos to good use.

Oh! And don’t forget to take out a good Health Insurance Policy just in case you guzzle half the chlorine in the water after an eating and drinking binge. (Please don’t do that.)

Additional Reading: How To Choose A Comprehensive Health Insurance Plan

5) Stimulate Your Grey Matter

Another fantastic way of making the most of 2017 is to probably enrol in a course that will help you enhance your knowledge and skill. If you’ve always been interested in graphic designing, for example, a Personal Loan could help you sign up for the relevant courses and help you get all the study material and equipment you require.

Regardless of what you want to excel at – sports, art, photography, etc. – a Personal Loan could help you fulfil any long-standing desires you may have harboured deep down within you. Heck, if you’re a bit of an adrenalin junkie, with a Personal Loan you could even take those expensive skydiving lessons and eventually become a certified jumper.

In fact, you could even see your Personal Loan as an investment. By using the money you get from a Personal Loan to improve and develop other skill sets, you could move on to a higher paying job in a variety of fields. It’s certainly one way of getting absolute bang for your buck.

Additional Reading: Loans For Your Study Abroad Programs

6) Be Your Own Boss

Sick and tired of spending year after year confined to a cubicle the size of a phone booth? Had it up to your gills with your boss constantly looming over you like a sumo wrestler does over an all-you-can-eat buffet?

Well then, with a Personal Loan, you could alter the course of your career in one fell swoop. Use the money you receive from a Personal Loan to set up your own business at home. Transform your garage, your apartment, or a room in your house into an office space and be your own boss.

Being self-employed comes with a ton of benefits, and with a Personal Loan in your corner, you could purchase all you need to kick-start your new career. Whether it’s computers, telephones, fax machines, furniture, a second-hand car – a Personal Loan will sort you out, regardless.

Additional Reading: Personal Loan Criteria For The Self-Employed

7) Get Hitched

If you and your significant other have been toying with the idea of getting married for a fair while, but have had to put your plans on hold because of your respective financial positions, then a Personal Loan could be just what the two of you need to get those wedding bells ringing.

Weddings can be an expensive affair, especially considering all the catering, decorations, halls, hotels, and everything else it entails. If you aren’t prepared, it could inflict severe damage on your finances.

With a Personal Loan, you and your betrothed could take care of all your wedding expenses and even treat yourselves to a fabulous honeymoon soon after. Sure, when you get back you’ll have to start making repayments to repay the loan, but at least the two of you will know exactly where you stand with regard to your financial situation as a couple.

Additional Reading: Dream Celebrity Wedding Now A Reality: Shahid & Mira’s Big Day And How To Achieve It On A Budget

8) Spruce Up Your Wheels

You probably keep wincing every time you take a look at your car. Sure, it’s been with you for years and it’s been with you through thick and thin, but the ratty seats and faded paint job make it about as appealing as riding a shopping cart through the streets.

But, you’re extremely attached to it. And hey, if it still runs well, then all you need to do is give it a good old-fashioned makeover. With the help of a Personal Loan, you could rip out those mouldy old seats and replace them with snazzy, leather ones, or you could install a brand new stereo system that will get you into the groove when you hit the road.

Oh, and don’t forget about that new paint job. Get rid of all those unseemly scratches and dents once and for all and put on a jazzy new coat that will make heads turn. And last but certainly not the least, a set of brand new chrome plated tyres that will have you hitting the clubs in style.

Regardless of whether you’re single, have a family or just love heading out on road trips with your buddies, a Personal Loan could certainly rev up your year like never before.

By the way, don’t forget to renew your Car Insurance Policy while you’re at it, just in case you find that it expired a while ago.

Additional Reading: What To Do If You Lose Your RC Book / Smart Card

9) Establish Credit History

Okay, so you don’t really require a Personal Loan if you’re financially stable, but if you don’t have a credit history and if you’re looking to improve your Credit Score in 2017, then taking out a Personal Loan could be one of the best ways to do it.

By taking out a Personal Loan and making regular repayments towards it for a substantial period of time, you could establish a credit history and build up your Credit Score fairly quickly. Establishing a good Credit Score could be crucial down the line, just in case you fall on hard times and you need to take out a Home Loan or a Car Loan urgently in the future.

Just remember that you can only build your Credit Score by making regular payments consistently for the tenure of your loan. Paying off the entire loan amount in advance will do you no good. Banks and lenders will be more interested in knowing whether you make your payments on time if you ever approach them for a loan in the future.

In fact, you could check your Credit Score right here for free.

Additional Reading: Tip To Improve Your Chances Of Getting Your Loan Or Credit Card Approved

10) Get A Home Entertainment System

And finally, something a little more fun. What better way to spend 2017 and the years to come by installing a brand new home entertainment system in your home or apartment. With a Personal Loan, you could get the works – a massive flat screen TV, the latest gaming console, the most up-to-date music system and probably a couple of those lazy-boy chairs as well.

Imagine getting your friends over for nights of unbridled gaming or settling down for nice relaxing movie-night weekends with the entire family. Yup, that’s what taking out a Personal Loan can do for you.

And, if you’re one of those hardcore gaming nerds, a Personal Loan could help you purchase the latest gaming machinery so that you can assert you dominance over the rest of the gaming community all around the world.

Additional Reading: Video Games And Money Lessons

There you have it. 10 ways you can use a Personal Loan to get the most out of 2017. In fact, this holds good for any time in the future as well. So don’t let the year pass by like all the other years before this.

Now is as good a time as any to grab the bull by the horns and do all those things you’ve always wanted to but never could.

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Category: Personal Loans

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