Why Floridians Get Personal Loans in South Florida
People obtain personal loans in South Florida for a number of reasons. From paying medical bills to fixing their vehicles, they're useful for funding all kinds of emergencies.
In this article, we'll explore the top five reasons why people in Florida turn to personal loans and the three types available to you.
5 Reasons Why People Get Personal Loans In South Florida
1. To Pay For Medical Bills
Even with the most comprehensive health insurance plan, medical bills are expensive. After all, you have to pay a deductible before your insurer pays anything toward your treatment.
On top of that, some insurance providers don't cover certain things like off-label prescriptions, fertility treatments, medical products, and cosmetic procedures.
So, a personal loan helps fund the treatment, procedure, or prescriptions you require for one-off or ongoing illnesses.
2. To Fund Vet Fees
Since the turn of the millennium, the cost of veterinary services has been steadily rising, according to a report conducted by the American Veterinary Medical Association (AVMA).
Vets charge for services such as diagnostics, lab work, surgery, anesthesia, physical examinations, hospitalization, urgent care, and more.
Generally, emergency veterinary services tend to be more expensive, but here are a few average price ranges for various tests and surgeries:
- Spay or neuter: $160 to $220
- Heartworm test: $45 to $50
- Geriatric screening: $85 to $110
- Dental cleaning: $70 to $400
- Physical exams: $45 to $55
- Bloodwork: $80 to $200
- X-rays: $150 to $250
- Oxygen therapy: $500 to $3,000
- Emergency surgery: $1,500 to $5,000
- Long hospitalizations: $1,500 to $3,500
As you can see, vet fees quickly add up. Without a healthy emergency fund, it can be near impossible to pay for them. Thus, many people get personal loans in South Florida.
3. To Cover Home Repairs
From roof leaks to broken front doors, there is no end to the things that can go wrong in your home. And yes, it's all relatively expensive.
Luckily, personal loans are here to help cover all kinds of home repairs, including:
- Electrical problems like flickering lights, damaged wires, hot outlets, or dead outlets
- Leaky or burst pipes noticeable due to decreased water pressure, moisture on the walls, and cloudy water
- Pest problems like cockroaches, termites, rats, or bed bugs
- Furnace issues noticeable due to increased energy bills and puddles surrounding the furnace
- Leaky roofs noticeable due to mold on exterior walls and watermarks on the ceiling
4. To Fix Your Vehicle
Like home repairs, vehicle repairs can be expensive, especially if they come out of the blue.
Typically, your car is the only way you're able to get around. Therefore, you're forced to pay for repairs almost immediately, which isn't practical if you haven't built up a solid emergency fund yet.
Personal loans can help manage the payment and return your life to normal as soon as possible.
5. To Pay For Urgent Travel
Finally, others turn to personal loans in Florida to cover the costs of emergency travel.
While vacations are the highlight of anybody's year, they can end in complete financial ruin if you have to get a same-day flight. Plus, you probably didn't budget for such an event when planning your time away.
Types Of Personal Loans In South Florida
So now you understand why people get personal loans, you need to know which type will suit you best.
1. Personal Lines of Credit
Personal lines of credit allow you to access money whenever necessary.
As a revolving type of loan, you pay interest only on the specific amount you borrow, not the entire balance.
Not to mention that the balance replenishes upon successful repayment. The most common of these in Florida is a HELOC, or Home Equity Line of Credit.
2. Secured Personal Loans
Secured personal loans mean you have to put up collateral to fund the loan. Collateral is an asset like your car or house that guarantees the lender will get their money back.
They're often favored by those with bad credit who can't get approved for unsecured versions.
3. Payday Loans
Speaking of bad credit borrowers, you can get a payday loan from us with a fair to poor credit rating!
You can borrow between $100 and $1,000 to fund your emergency. Our streamlined process ensures you get your money within 24 hours, and sometimes even on the same day as you apply.
We offer both online and in-store payday loans. All you need to do is pick the method you like the best, and we'll do all the hard work for you.
Just keep in mind that we'll need proof of identity (government-issued ID card) and income (most recent pay stub), as well as a blank check tied to an active checking account.
Get Payday Loans With Us Today!
We’ve shown you plenty of reasons people get loans in South Florida. You can cover your emergency with personal loans in South Florida from us at Fast Payday Loans, Inc. Simply fill in our online form to kickstart the process. Get started today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.