In some situations, a personal loan can open up great opportunities. Image source: Getty Images.
Contrary to what many consumers think, loans aren’t always “bad” debt. With low-interest rate sources of capital, such as personal loans, you can finance purchases that produce value for you, turning a debt into a profitable investment. With interest rates as low as 4%and terms of one to seven years, personal loans can be used to make money in a number of different ways.
1. Paying down high-interest debt
Getting rid of debt with debt can actually be a sound financial move. Debt consolidation allows you to roll multiple liabilities with various interest rates and repayment terms into a single, fixed-rate loan. This can not only help you pay down your debt faster, but free up some of your funds as well.
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