Pandemic Personal Loans?
Today, we’d like to ask the question of whether or not taking out a personal loan during a time of stress, such as our current pandemic, is a good idea? The answer is it depends on the situation, your emotional state, your financial circumstances and may other factors that are in play. I realize this isn’t the simple “yes” or “no” answer that you’re looking for, but we want to provide you with our honest opinion on this question. Personal loans require monthly payments towards the principal and interest, that could put extra stress on a family, but at the same time, personal loans could help you out and give you s a much needed cash infusion during a stressful time. Note: Our opinion should not be taken as financial advice and is for informational purposes only.
When you’re dealing with a stressful event, such as the current Covid-19 pandemic, you can become over emotional, and you must examine your emotional state and mental health state, before you make any big financial decisions. The Covid-19 pandemic has caused people great anxiety, depression, concern, and worry. Other stressful situations such as divorce, job loss, career change, bankruptcy, and civil and/or criminal legal issues can bring out the same emotions and fog one’s judgement. Please take a look at your current financial circumstances and mental and emotional health state before you make a decision to take out a personal loan. Ask yourself, “Would I be taking out a personal loan and borrowing this money if I wasn’t dealing with the current Covid-19 pandemic, divorce, bankruptcy, or other stressful life event?”.
Additionally, you need to ask yourself, “Does taking out this personal loan make financial sense?”. For example, if taking out a personal loan to consolidate your credit cards will save you money each month, it may be beneficial. If taking out a personal loan will help you save a home, it could also be a good idea, but it could also come back to haunt you if things don’t work out well. What you really need to do is make a list of pros and cons when considering personal loan options and make sure that you’re making a value-based decision and NOT an emotional decision.
Taking out a personal loan during the Covid-19 pandemic needs to make financial sense given your current situation, and shouldn’t be done out of worry, panic, or stress. If the Covid-19 pandemic has caused you to consider taking out a personal loan, please make the list of pros and cons and also consult with your support team or family, accountant, attorney, and/or financial advisor before going forward. We would also suggest that you make a list of pros and cons, crunch the numbers, and make sure that you’re making a sound financial decision and not an emotional decision. If you would like to compare personal loan offers, please click here: Personal Loan Comparison.