Possible Possible Reasons for Reasons for

applying applying personal loanspersonal loans

DEBT CONSOLIDATION

• Combine multiple debts into one big sum of debt

• Pay only to one bank for one personal loan

• Could be charged with lower interest rate

• Definitely more convenient and time-saving

HOME REFURBISHMENT

• Pay for repairs, renovation and upgrading projects

• For instance: changing tiles, installing air-conditioners, etc

• Improve house living condition

• Increase house market value in long run

HEALTHCARE EXPENSES

• Diagnosis of serious illnesses such as cancer and coronary dieases has high cost

• Medical expenses comprise of medication, surgeries, hospitalisation fees and other necessary medical services

• Some medical bills are not covered by insurance

INVESTMENTS

• Wish to earn extra money• Faster route for in-flow of cash• Various reasons for investments such as

education fund, retirement plans and luxurious lifestyle

• Can invest in property, stock market, trust funds,etc

• But, there is risk of losing money

• These are only some of the reasons as the list of reasons for people getting personal loans could go on and on

• For further reading, click on to this link: https://www.academia.edu/7739551/The_reasons_behind_every_personal_loan_application