As our world continues to be met with barriers during the COVID-19 pandemic, the economy and personal finances of many have followed suit. Businesses are mapping out creative ways to stay afloat during these uncertain times, seeking out any and every way to get the funding and loans needed to survive.
In April, millions of Americans received a government stimulus check as a form of financial aid in this period where many are finding themselves jobless. But since the government check covers only a month’s worth of minimum wage salary, it’s unlikely that most were able to deposit these payments into their savings account. Regardless of your job security and circumstances amid the COVID-19 pandemic, it is possible that you have found yourself in need of more than just a stimulus check to take care of your expenses. The solution? A low-rate personal loan.
What Are Personal Loans Used For?
A personal loan is a loan that is pretty reflective of its name — it is money you can borrow for just about any expenses that are personal to you. Personal loans are commonly taken out to consolidate debt, pay off a medical bill that isn’t covered by insurance, or to fund home remodeling projects. They can also be used for less immediate expenses, like a vacation or investment in a business.
Personal loans are unsecured loans — meaning they do not require collateral to obtain. While they generally come with low-interest rates, the APR (annual percentage rate) is determined by your creditworthiness.
How Can a Personal Loan Provide Financial Relief Amid COVID-19?
If you have lost your job or are experiencing a cut back in business due to COVID-19, a personal loan may be the right option for you. Immediate expenses that you cannot afford to hit pause on such as rent or utilities can be covered with a personal loan. Additionally, if you’ve racked up a hefty amount of credit card debt and are struggling to pay your bills during this difficult financial time, a personal loan is a great idea for consolidating your debt. By using a single loan with a fixed APR to pay off credit card bills, you’ll save money by reducing your interest rate.
Lastly, personal loans are a smart way to take care of your medical bills. If you or your loved ones have been affected by COVID-19 or have experienced any form of illness, unexpected medical bills may be a heavy weight to carry. During this period where health should be a main priority, a personal loan will ensure that your necessary medical expenses are well taken care of.
Discovery FCU’s Special Offer on Personal Loans
At Discovery FCU, we understand that these unprecedented times amid the COVID-19 pandemic may cause a sense of financial stress. To help ease any financial burdens that our members are facing, we are offering new financing options including a low-rate personal loan special. As a member, you can borrow up to $5,000 in a personal loan and make no payments for 90 days. You can also expect rates as low as 2.99% APR with terms up to 36 months. Ready to get started? Apply online for a personal loan with Discovery FCU today.