Everybody has a crisis come up in their lives where they need some extra cash to pull them through a tough time. Borrowing fromfreinds or relatives can be an option for those that have these resources, but people always say it’s a bad idea.

Using a personal loan to help you through these situations can really be a big help when you need that assistance. Just make sure you have the ability to repay the loan back, or it can be a huge burden on your credit and future financial stability.

When I was in college, I was intending to buy a motorcycle.  My friend that I was going to purchase it from was going out of town for the weekend and told me that I could test ride the bike while he was gone. I was having a great weekend riding around on my new future favorite toy, when I was run off the road by a car that never even saw me and kept on driving on.

Now technically, I could have not bought the motorcycle and just let my friend eat the cost of the damage with his insurance, but I wouldn’t have wanted anyone to do that to me, so I needed to buy the wrecked motorcycle from my friend.

The problem that I had was that I wasn’t planning on buying the bike from my friend for a few months and that was the agreement between the two of us. I needed a quick personal loan to take care of this matter. Being in college at the time, I did not have many assets, but I did have good credit.

Now I realize that this situation was not a major crisis, but if I was injured in the accident it could have turned out to be one. I was lucky to walk away from the incident with only a bruised shoulder and a new respect for watching out for unconcerned drivers.

The loan helped me through this tough time in my life and assisted me with building my credit for future use. I was fortunate that I had taken out a personal loan prior to this incident that gave the loan company some real credibility to go off of when I needed their help. Don’t be afraid to use a personal loan when you need to, just make sure that you have the financial ability to pay it off.