Usually, it’s prudent to save up money for consumeristic purposes such as shopping. However, that is not always the case. There are certain situations in which opting for financing such as a personal loan for shopping can be a wise choice. Let’s explore these situations.
- When there are good offers and discounts
When you want to make big ticket purchases such as electronics or furniture, it’s best to do so when there are certain offers and discounts that are being offered. The thing about such offers, however, is that they are time sensitive. So, while you may be getting a 30% discount on the laptop you want to purchase, you may not have the money you need to purchase it at the moment.
In such a case, it may be a good option to take a personal loan to make the purchase so you can make use of the discount. This would help you save money, especially if the discount offered is more than the interest cost you will have to bear on the personal loan.
- When there is an immediate need
Sometimes, you may need to buy something to fulfil an essential immediate need. For instance, you are going on a dream vacation but right before your trip, your camera breaks. If you were looking to indulge in a lot of photography and videography on your trip, then it may be crucial for you to replace your camera before you leave. In such a situation, you can apply for a personal loan and fulfil this immediate need.
One of the best parts about a personal loan is that you can apply for it entirely online and get the funds disbursed into your bank account within just a few hours. So, whenever you need quick access to funds to make an important purchase, you can rely on a personal loan.
- When you want to treat yourself
There might be certain times in life that you may simply want to treat yourself. And a little bit of indulgence may just be okay. For instance, if your birthday is around the corner and you want to buy yourself a pair of designer shoes, you can take a personal loan to do so.
When taking a personal loan, you can use a personal loan EMI calculator to see what amount you will have to pay monthly to repay the loan as well as the interest cost. This will allow you to take a loan that you can comfortably repay without going overboard or stretching your finances too much. This can be helpful in indulging in retail therapy without feeling guilty later.
Wrapping up
There are certain other times when taking a personal loan for shopping can be a good choice – when you want to gift a loved one something special, when you want to upgrade your lifestyle, and more. Taking a personal loan can allow you to meet such needs right away and slowly pay for them over time through affordable EMIs.
