Top 5 Reasons For Personal Loans

MoneyTips

Do you whip out your credit card to take care of every large purchase? Maybe you shouldn't. A personal loan may be a better alternative – but when would it be best for you?

A recent finder.com survey explored the reasons why just over one-third (34%) of Americans took out a personal loan in the last year. Says Jon Brodsky, finder's Money Expert, "With roughly 34% of Americans claiming to have taken out a personal loan in the past year, it's important to have a clear understanding of when a personal loan is the right fit for you financially."

Vehicle expenses led the field, taken out by 31% of personal loan recipients. Since most Americans need a car and few can pay with cash, it's not surprising that auto-related loans top the list. However, it is surprising that over one-quarter of Americans (26%) took out personal loans to pay bills – the second highest personal loan category. If you have to take out a loan to deal with regular monthly expenses, you need...

from MoneyTips http://bit.ly/2GbN1HM