Unlocking Your Dreams: 6 Creative Uses for Personal Loans

A personal loan provides an easy, affordable, and predictable way to borrow and pay back the money you need to make it happen.

Do you have a dream that just won’t wait?  A personal loan provides an easy, affordable, and predictable way to borrow and pay back the money you need to make it happen.

In this blog, we take a look at six inspiring ways you can put money from a personal loan to work to expand your horizons, feed your creativity, or make the world a better place for future generations.

Power Your Passion With a Personal Loan

When you’re ready to get real about your dreams, a personal loan lets you access the money you need in one lump sum without maxing out a credit card or blowing your life savings.

Personal loans are easy to apply for and offer no-strings-attached financing at a fixed rate that you repay over a period of time of your choosing, typically between one and five years. 

You’ll pay the same amount every month for the duration of your loan and at a much lower annual percentage rate than you would get on a credit card or payment plan. Those predictable repayments let you plan for your future and paying down your fixed-rate debt on time will do wonders for your credit score.

What’s more, unlike other types of long-term loans, you do not need to put up collateral like a property or a car to secure a lower interest rate.

For example, Foothill Credit Union offers applicants with steady employment and good credit access to up to $100,000 at competitive rates through our Signature loan program. Members get up to 60 months to repay with no collateral required.

What Can I Use a Personal Loan For?

What can personal loans be used for? When we said “no strings attached” financing, we meant it. Once approved, it really is up to you to decide what you spend your loan on. If you need some help deciding, here are six popular (and inspiring) uses for a personal loan.

1. Travel Adventures

Go wheels up on the journey of your dreams. Sign up for a package tour to an unforgettable destination like Angkor Wat or Machu Picchu, or immerse yourself in the heritage and culture of Europe. Or, tear up the itinerary and take in pristine beaches, global cities, and undiscovered off-the-track treasures on the backpacking trip of a lifetime. 

However you choose to travel, you’ll broaden your experiences, make new friends, and will get to know yourself better. You’ll return as a citizen of a bigger world, with unforgettable experiences and stories to match! Applying for a Foothill Credit Union personal loan is not only quick and easy, but also means you won’t have to worry about running out of cash, no matter where your wanderlust takes you.

2.  Further Education or Training

Your potential is unlimited, but the right education or training can help you unlock it. That might be a master’s degree in business, a targeted technical certification offered through a community college, or a specialized arts course to help unlock your creativity.

Whether you are doubling down on your passion or pivoting to a new inspiration, investing in yourself through further education and training is among the best uses of a personal loan. 

With flexible repayment options and competitive rates, a Foothill Credit Union personal loan can help you attain practical skills while having the security of knowing exactly how much you will need to repay every month.

3.  Entrepreneurial Ventures

Forge your own path by starting up or expanding a business. Pioneer a business concept or target an unfilled niche in the market. But no matter what sector you’re in, running your own business takes passion, commitment, and careful financial planning.

A personal loan from Foothill Credit Union can provide the liquidity you need to get a start-up off the ground, fund an expansion, or target an emerging opportunity. Use it to invest in inventory, critical equipment, marketing, or expert advice. You’ll get the capital you need at a great rate with the security of affordable, predictable repayments.

4. Home Renovations and Improvements

Your home is your greatest asset, and one that increases in value as you pay down your mortgage and improve or update your property. Using a personal loan to fund a new patio, better windows, or a kitchen upgrade is an affordable way to make your home a nicer place to live while adding to its market value.

In fact, not only will you recoup many of the investments you make in your home when it comes time to sell but you might be able to deduct interest on loans used to upgrade your primary residence from your taxes. Either way, with Foothill, you get the home renovation budget you need on great terms.

For example, a home equity line of credit can be used to finance the construction of an accessory dwelling unit, which adds significant value to your home.

5. Going Green at Home

Today’s homeowners are concerned about more than just the bottom-line value of their properties. They’re increasingly thinking about home improvements in “generational” terms. That means investing in upgrades that reduce energy consumption and carbon emissions today so we can ensure better lives for those who inherit our homes, our cities, and our planet.

There’s an increased focus on simple but smart upgrades from extra insulation to smarter HVAC systems, to solar panels on the roof. We’re also looking at water-wise landscaping, and run-off-reducing hardtop and rainwater harvesting. 

It’s up-front investing in a better future for ourselves and our children. A personal loan can help you do your bit for this generation and the next by making it more affordable to spend money on making a difference.

6. A Dream Wedding!

A wedding marks the beginning of a couple’s journey together. Whether you are the one tying the knot or you’re a parent or family member, it’s understandable that you want to do everything you can to make your special day memorable.

Whether it’s a fly-away destination wedding, a traditional “big tent” ceremony, or a cozy, intimate ceremony, a personal loan is a good way to spread out the cost of “The Big Day.” 

Applying for a personal loan with Foothill is easy and gives you a structured plan and clear timetable for managing wedding expenses, so you can look to the future with confidence.

Foothill Credit Union Personal Loans: Banking Made Better

Whether you are making memories, acquiring new skills, or building for a better future, achieving your dreams takes commitment and hard work. It also takes smart financial planning. A personal loan from Foothill CU not only lets our members access the funds they need when they need them but also makes major expenses more manageable.

Foothill personal loans feature:

  • Lump sums up to $100,000
  • No collateral required
  • Fixed interest rates and competitive APRs
  • Terms from 1 to 60 months
  • Easy automatic payments through our online banking services

If you are ready to get real about your dreams, you can apply for your personal loan online or in person at a Foothills branch. Contact us today, or click below to find out more.

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