In early 2016, a statistical report from Lending Club showed that 18% of online cash loans were taken out for credit card payoffs, 32% were taken for miscellaneous reasons, and nearly half of all online cash loans were taken out for refinancing purposes. The grand sum of total loan insurance between 2009 and 2016 has reached well over $18 billion. Naturally, different people are prone to seeking out loans for different purposes; however, certain purposes for seeking out cash loans online are more common than others, and the following purposes are the most frequent of all.
One of the most common reasons that people will seek out cash loans online for is the consolidation of their bills. Tuition, power, water, mortgages, phone lines, and credit cards are all just a fraction of the different types of debt that the average person will be responsible for repaying. It is very common that a person may choose to attempt consolidating all of their debt with just a single loan. Many of those who intend to consolidate all of their debts at once hope to save money on a long-term interest rates.
Another one of the most common reasons for taking out a loan is to build up capital for brand-new businesses. Though many aspiring entrepreneurs may seek out a business loan specifically, there are also many who choose to finance their new businesses with a personal loan instead.
Automotive purchases or repairs
Loans for car purchases or repairs are also some of the most commonly sought out loans of all. Generally speaking, the cost of repairs are usually always out of the immediate budget of the average consumer. No matter what type of automobile a consumer may be interested in purchasing, it is extremely common for a personal loan to be used to leverage the price.
One of the biggest reasons of all that a person may seek out a personal loan is for home renovation. In addition to renovations, simple repairs or upgrades might also be things that compel a person to seek out a cash advance. Generally speaking, personal loan rates tend to be slightly more forgiving than what is offered through hardware store credit cards.
Vacations or getaways
Online cash loans aren’t always used for major lifestyle purchases or debt consolidation. Oftentimes, people will be willing to pay upfront for time that they can use to get away from work and enjoy de-stressing with their friends and family on vacations or getaways.
Be sure to visit Fast Cash Loans Online to learn more about online cash loans!