What is a personal loan?
Personal loans are loans that a borrower pays back in fixed monthly payments, or installments, typically over 6 month to 3 years.
Why take out a personal loan?
Personal loans are a great option for borrowers looking for a convenient form of credit without the hassles of using a big bank. You can use them for any reason, and they can have lower interest rates than credit cards. At Citizens Financial our friendly finance staff make the process quick and easy.
Benefits of a personal loan:
- Fixed Interest Rates: Personal loans give borrowers a lump sum up front, so they’re able to pay it back over a fixed term. When the loan agreement is signed, the interest rate remains fixed, so there are no surprises.
- Fixed Payments: Because the month-to-month payments are the same, it’s easier to budget for a personal loan. If you’re living on a fixed income, a personal loan can be a great structured solution for borrowing money.
How can I Use a Personal Loan for Back-to-School Expenses?
Parents can take out a personal loan to pay for many of the expenses they incur when preparing their child for the return to school. The loan provides extra money that may not be available during such an important time of the year.
Common back-to-school expenses parents may use a personal loan to pay for include:
- Paper, pencils, pens, and other supplies
- Electronics, laptops, and calculators
- Dorm room needs
Take Out a Personal Loan for Back-to-School Expenses
If you’re preparing for your child’s return to school this Fall, but don’t have the money on hand to pay for their supplies, it may be time to consider taking out a personal loan. Citizens Financial Services has provided thousands of personal loans for families in need of up front cash, and we continue to service families throughout Monroe, Louisiana. If you’re interested in taking out a personal loan, apply here or contact us today.