Personal Starter Loan

Everything You Need To Know

Financial companies use the term “personal starter loan” to describe a variety of
different financial products. One thing unites all these different types of loans: They are
generally for expenses involved with starting your life after you’ve finished school.
And they usually have lower-than-average interest rates.

If you’re interested in a personal starter loan, there are many options available
to you. If you’re still in school, we recommend contacting your school’s
financial aid office and asking to speak with a counselor. For those who have
already graduated, check your local credit unions and see if they offer a starter
loan. You could also fill our personal loan request form.

‣ Reasonable car payments. For many, a car is a necessity. There are many options out there for
car loans, but a starter loan might offer you the best APR.
‣ Leftover college credit card debt. It’s not a good idea to take out a loan to pay for another
loan. But that’s true if the interest on the new loan outweighs the interest on the old loan.
‣ Moving expenses. Moving is always more expensive than you think it will be. When you’re
just starting out, you might not have the savings to fund a full-scale move.

There are a few situations where it doesn't make sense to use a personal starter loan, or really a
loan of any type:
‣ Buy a more expensive car than you
otherwise would have
‣ Make any kind of investment.
Loan money should never be used to
fund an investment
‣ Build up your credit score. Some
people take out a starter loan just to
pay it back