Dear Money Mentor: When should I get a personal loan?

Having money access for bigger-ticket items is convenient. But taking out a loan adds to your monthly payments, so it’s wise to be informed before you proceed.

Tags: Goals, Interest rate, Loans, Personal loans, Planning
Published: January 08, 2020

Dear Money Mentor is designed to answer common consumer banking questions and offer guidance to improve financial wellbeing. Read on for tips and expert advice from Peter Blackwell, senior product manager at U.S. Bank.

Personal loans are useful to pay for projects or experiences with a set price tag. And they’re quick to get. Though rates might be higher than a secured loan, risks are often lower. Deciding what kind of loan to get comes down to personal choice and comfort. Here are some essential things to know about personal loans.

 

 

 

Need a loan? Learn more about the benefits of a U.S. Bank Personal Loan.