Top 5 Reasons to Get a Personal Loan

Published on July 20th, 2020

There are lots of reasons why people apply for personal loans near Elmwood Park. At Leyden Credit Union, we make it easy for members to get a loan that will help them pay for necessary goods and services.

1. Debt Consolidation

Many people turn to personal loans as a means of consolidating their debt. If you have multiple outstanding loans and/or late bills, it may be a good idea to take out a single loan to repay your debts. Falling behind on payments can negatively impact your credit score and result in additional fees. A personal loan can allow you to pay the individual debts off and switch to paying just one monthly bill, generally at a better rate.  Save money with a lower rate and save time with just one payment. 

2. Home Improvement

Necessary home improvements are not always easy to budget and plan for. In some cases, repairs to your roof, plumbing, or foundation must be made suddenly. A personal loan can help you pay for home repairs. A personal loan can also empower you to make improvements that will help your family feel more comfortable.

3. Major Purchases

When it comes to major purchases, it’s always a good idea to try to save up and pay in full. However, depending on the unique demands of your lifestyle or work, you may not be able to put off a major purchase for long. Examples include home appliances, car repair, and replacing your mobile phone or computer.

4. Relocation Costs

Depending on the circumstances of your move, you may be feeling excited, stressed, or a little bit of both. Once you begin the process of moving, you might be surprised how quickly costs start to add up. A personal loan can help you bridge the financial gap and pay for the practical support you need after you’ve settled into your new place.

5. Celebrations and More

Personal loans don’t just have to be for stressful or utilitarian reasons.  You can also use them to make memories that will last a lifetime!  If you’re getting married, celebrating a Quinceanera, or taking a needed vacation to recharge, we can help.

Personal Loans Near Elmwood Park

This is hardly a complete list of the many reasons people apply for personal loans near Elmwood Park! If you’re finding a gap in your financial planning and need support to get through a difficult or exciting part of your life, we want to talk to you about a personal loan. Contact us today with your questions or to complete an application.  You can also apply online at

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2701 N 25th Avenue Franklin Park, IL 60131 Call 847-455-8440 Fax 847-455-1245 Contact Us