A personal loan can be a wise choice if you’re
trying to gain control of monthly bills or to make
important or emergency purchases responsibly.
Such a loan can be especially useful if you want
to eliminate high-interest debt or to pay for large
purchases in small, regular installments.
At a time when many Americans are simply trying
to make ends meet, a personal loan can offer a
convenient solution to financial challenges. Here
are three common scenarios in which taking out
a personal loan can be a smart solution.
You want to pay off high-interest
debt such as a payday or car title loan
Because of a past financial emergency, you
might have had to take out a loan or take on
other debt at extremely high interest rates. If
that is the case, the NEA Personal Loan might
be the correct product for you. It features a
fixed rate and set term that will not change.
In addition, consolidating multiple debts into
one personal loan can simplify your finances
substantially and allow you to save on your
monthly loan payments.
You want to avoid the “minimum” trap
Personal loan payments are structured so
that you can pay off your debt efficiently and
affordably, which can save you money. The reason:
Each payment you make goes toward interest
Putting money toward the principal right from the
start can help you avoid extending the life of your
loan, which helps keep the cost of borrowing from
ballooning. This can happen when a big expense
is placed on a credit card and you pay only the
minimum. Minimum payments contribute only
a small amount to reducing the principal owed
and your debt keeps piling up.
You want to stick to a budget
The payment terms on a personal loan are
fixed, which makes it easier to find a repayment
schedule that works for your budget. This makes
a personal loan a convenient way to deal with
unplanned expenses, such as medical or dental
bills, home repairs or automotive fixes.
You also can use a personal loan to spread out
the cost of major expenditures, such as paying
for a wedding or buying new appliances, in a way
that can help you stick to your budget.
If you think a personal loan sounds like a
good solution for your financial situation, visit
www.mtabenefits.com and click on Benefits,
then Financial, to find out more about the
borrowing options available to you with the
NEA Personal Loan.
Is a personal loan right for you?
Consider NEA borrowing options to take control of your finances.
Is your paycheck
You can buy insurance for your home,
apartment, car, health, teeth, life, travel
and pets. You name it, and there seems to
be a policy that will cover you. What do
all of these coverages have in common?
Premiums. But if you rely on your salary to
pay your insurance premiums, what would
you do if you couldn’t work and weren’t
If the answer is that you would be under
serious financial strain, then you should
consider making paycheck protection your
The numbers add up
Approximately 90 percent of disabilities are
caused not by accidents but by illnesses
and injuries such as cancer, heart disease
and back issues. Seventy-five percent of
Americans don’t have enough savings to
cover their bills for six months. Further, the
duration of the average long-term disability
claim is 31. 2 months.
Protection is available
Many members have the opportunity to
enroll in the MTA disability insurance plan.
Open enrollment is available now. Eligible
members can choose from both short- and
long-term disability options. You can’t be
denied coverage during open enrollment.
The need for disability coverage is real. Since
2001, the MTA disability plan has paid more
than $25 million in benefits to members
who found themselves unable to work due
to illness or injury.
Open enrollment ends May 11
To find out if you’re eligible for the plan —
or if you’re a local association president who
wants to offer the plan to your members —
call Tom Colbert at 888.646.1972, ext. 104, or
e-mail him at Thomas.Colbert@voyfa.com.