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Have you ever wondered what personal loans are used for?

Personal loans can be used for a number of reasons, anywhere from making large purchases to covering life events, and everywhere in between. They’re great for both expected and unexpected expenses. Unlike a credit card with a revolving balance, you agree to a length of time to borrow and pay back the money with a fixed interest rate. Take a look at the list below to see some of the common uses of personal loans.

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1. GET MARRIED

Use your loan to fund the larger wedding expenses, like your engagement ring, dress and venue. You may also consider using it to cover the smaller costs, like the flowers and photographer.

 

2. FUND A MOVE

Taking out a personal loan to help you cover the costs can make a household move a lot less stressful.

 

3. PURCHASE A VEHICLE
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Especially when financing older vehicles through an auto dealer, avoid paying their steep interest rates with a personal loan.



 

4. CONSOLIDATE DEBT

Take your miscellaneous debts and combine them into a single, low-interest loan.

 

5. VACATION
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Fund a dream vacation and enjoy an affordable payback plan.



 

6. MEDICAL EXPENSES

Pay for medical expenses that aren’t covered by your health insurance plan.

 

>> Learn more about OE Federal’s personal loan options by clicking here <<