1. Combine your debts into one repayment
Managing multiple credit cards or unsecured loans can be overwhelming. A personal loan lets you combine these into a single repayment, potentially at a lower interest rate. That means fewer fees, less admin and more visibility over your financial progress. This is often seen as one of the best ways to use a personal loan, especially if you’re looking to simplify your money management and regain control.
2. Upgrade your home
Home improvements can add long-term value while making your space more comfortable. Whether you’re installing solar panels, renovating your kitchen or fixing urgent structural issues, a personal loan can help you get started without draining your savings. Check your budget using a personal loan repayment calculator to make sure the numbers work for your situation.
3. Cover medical or dental expenses
Out-of-pocket costs for medical care can come up suddenly. From unexpected dental work to elective procedures not covered by insurance, some treatments just can’t wait. A personal loan can provide access to care without disrupting your other financial priorities.
4. Invest in education
Professional development or further study can open doors. Whether it’s a short course or a postgraduate qualification, investing in your education can lead to better income or a new career path.
5. Fund a major life event
Significant moments like weddings, welcoming a baby or marking a milestone birthday often involve big upfront costs. A personal loan can help you manage those expenses without relying on credit cards or depleting your savings. Use a personal loan eligibility calculator to check out if you may be eligible, and use the personal loan repayment calculator to see how much you might be able to borrow and what that would look like week to week.
6. Support a move or relocation
Relocating for work, family or lifestyle reasons comes with plenty of costs, from bond and removalist fees to new furniture. If your savings aren’t quite enough, a personal loan can give you the buffer you need to move with confidence. Just be sure to factor in any ongoing costs at your new location when calculating what you can comfortably repay.
Why it pays to think strategically
There’s no one-size-fits-all approach to using a personal loan. The best outcomes usually come from clear planning, honest budgeting and a good understanding of how the loan works.
If you’re not sure where to begin:
- Use a personal loan calculator to estimate repayments
- Compare interest rates between lenders
- Be aware of unnecessary add-ons or hidden fees
- Borrow only what you need
- Consider your future income, not just current expenses
Ready to make your next move?
If you’re exploring options for covering a big expense, consolidating your debts or planning ahead, a personal loan can give you more control over your finances. The best way to use a personal loan is to choose one that suits your situation, your goals and your ability to repay comfortably.
With transparent rates, flexible terms and zero fees, NOW Finance personal loans present a more personalised lending solution. You can get a personalised quote in just two minutes. Our FAQs can help you get a better sense of how fast funds may be available and what to expect during the lending process.
