Different stages of life bring with it different milestones, for ourselves and for those around us. From birthdays and trips, to weddings and babies, and ultimately retirement and end of life care. The joy of life’s milestones and moments, both big and small, should not be overshadowed by the financial repercussions of the event. Whether it’s the wedding of your dreams, your first child, or caring for an elderly parent, they all require a financial commitment. The true benefit of a personal loan is that it can help in many of these scenarios. At LoanConnect, we want to help alleviate the financial burden, so you can enjoy all of life’s moments.
Life’s Milestones
1. Trips
A trip may not feel like one of life’s biggest milestones, but you never know what can happen. A trip to Europe to explore ancient ruins, or a bachelor(ette) trip down south might be filled with memories to last a lifetime. You don’t have to say no just because your finances are a little tight this month. One of the many advantages of a personal loan is that you can use the money for whatever you choose. Whether that be an unforgettable trip, or just a break for your own mental health. Explore your loan options and weigh the pros and cons of the trip versus the loan terms.
2. First Car
Buying your first car can be both exciting, and a necessity. Whether you rely on it for groceries, or getting to work, you need to make sure you can afford a car that is reliable. This, however, is one milestone where an auto loan is usually best. While you can use a personal loan to purchase a vehicle, auto loans are specifically meant for this purpose; and usually come with a lower interest rate. Save the personal loan for life’s first (unfortunate) milestone of car troubles.
After you have purchased your vehicle, a personal loan can be a great resource for emergency repairs or big fixes. Don’t let car troubles keep you from getting to work or buying groceries. But also, don’t overpay on your car loan in the first place.
3. House
Your first house is another area where a personal loan may not be the right choice. Fixing up your home? A personal loan can help. In dire need of a new furnace? Try a personal loan. Buying the house in the first place? Apply for a proper mortgage.
When you’re exploring a home purchase, always look for a proper mortgage, not a personal loan. This is an instance in life where the loan type you’re choosing is very important. Let a proper mortgage agent assist you in getting that set up; and allow a personal loan to help bridge some gaps for you after you’re a homeowner.
4. Wedding
Anyone planning a wedding, especially since COVID price increases, can tell you it’s expensive. But most people will also tell you it’s one of life’s greatest milestones. Starting your life with the person of your dreams should be exciting, not stressful. Unfortunately, planning, and costs, can add up when you start hearing about your second cousins you need to invite.
A personal loan can absolutely be used towards paying for a wedding, and maybe a little extra for the honeymoon. No one is holding you accountable to how you use your loan once you’ve taken it. What is important, is to consider the implications of choosing to take a loan as you’re starting your marriage. Weigh some of the pros and cons we have outlined here before deciding that a loan is the right choice for your wedding.
5. Baby
Are you expanding your family? Whether it’s your first child, or your third, there are many costs that come with bringing new life into this world. While we do recommend planning your family at a time when you are financially sound, plans don’t always work that way. So the more financial planning you can do in the nine months before the baby arrives, the better. However, when life has other plans, a personal loan can help. Whether it be to purchase a new stroller or crib, or because you had to go on maternity leave early and need a little help with bills. The flexibility of a personal loan means you can use it however you need – even for a bulk order of diapers.
When starting your family it may also be a good time to consider life insurance; have confidence your family will be looked after, no matter what. We have partnered with PolicyMe, offering competitive rates on term life insurance. Their application process is easy, allowing you to be approved from the comfort of your own home in as little as 20 minutes. Couples save 10% off their rates in the first year when signing up together, and all policies include Child Coverage at no extra cost. No one wants to think about not being there for their family, but taking out a term life insurance policy could give you peace of mind for your loved ones. Get your life insurance quote to see your rates and only get charged if you start your coverage.
6. Medical Emergencies
Medical emergencies are one of life’s milestones we hope we never have to encounter. And because we hope not to have them, we often don’t plan for them financially either. A personal loan can help cover the costs of hospital bills and medical expenses so you aren’t being chased by hospital administration. From ambulance rides, to crutches or wheelchairs, and even in home nurse care, a personal loan is flexible to your needs.
For those that are unfortunate enough to get really sick, there are better ways to be prepared. Our partner, PolicyMe, also offers Critical Illness Insurance. You can be covered for up to 44 conditions – 27 critical illnesses and 17 early-stage conditions. This is the most coverage offered by any provider in Canada. PolicyMe’s Critical Illness Insurance covers up to $1 million and is paid directly to you in the event of sickness, not a beneficiary. Apply today from the comfort of your own home with an average approval time of 20 minutes. Don’t pay more than you should to be protected.
7. …Divorce?
Nobody wants to think about the big d-word when they’re getting married to their favourite person. Unfortunately, through time and the realities of building a life together, not everyone maintains that wedded bliss. If you are facing the difficult decision of divorcing your spouse, you may not realize just how many expenses come along with it. Lawyer fees on their own can rack up, especially if you don’t agree on any assets or decisions. But have you considered how else your finances change when going through a divorce? Changing from a duel income living situation to a singular income, purchasing furniture for a new home, moving expenses, etc. The list can go on and they all have one thing in common – they cost you money. Ending your marriage can be stressful enough, don’t let the financial worries on getting yourself on your feet add to the stress. A personal loan can help finance moving expenses, new furniture, even cover income if you need to take some time off.
8. Funerals
It is unfortunate that funerals cost so much money when you’re already grieving the passing of a loved one. Much like the expenses through life, a personal loan can help with end of life and funeral costs. Let a loan help alleviate the stress and burden of planning a funeral, or subsidize your income while taking time off work to grieve.
Good or not so good, big or small, many moments in life require financial input. A personal loan can help to bridge the gap and allow you to focus on the joy of the experience, instead of the price tag. They can also help to cover costs of those experiences in life you wish you didn’t have to pay for. Whatever the occasion, start your search with a platform like LoanConnect to save yourself time and money searching for the best options. Whatever the moment, don’t let life’s milestones pass you by.
