Monthly Archives: February 2025

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What Can You Use a Personal Loan For?

Are you in need of some extra cash to cover an unexpected expense or achieve a long-term goal? A personal loan can be a great option to consider. But what exactly can a personal loan be used for?

At Peoples Bank & Trust, we understand that life can be unpredictable, and sometimes you need a little financial boost to get back on track. That’s why we’re here to break down the various ways you can use a personal loan to improve your financial situation.

Debt Consolidation

If you’re struggling to manage multiple debts with high interest rates, a personal loan can help you consolidate them into one manageable payment. This can simplify your finances, reduce your debt burden, and even lower your overall interest rate.

Home Improvement

Whether you’re looking to renovate your kitchen, add a new bathroom, or simply give your home a fresh coat of paint, a personal loan can provide the funds you need to get started. Home improvements can increase your property value, enhance your living space, and even boost your energy efficiency.

Wedding or Special Occasion

Planning a wedding, anniversary party, or other special occasion can be expensive. A personal loan can help you cover the costs of venue rental, catering, decorations, and more, ensuring that your special day is truly unforgettable.

Medical Expenses

Unexpected medical bills can be a significant financial burden. A personal loan can help you cover the costs of surgery, hospital stays, prescription medication, or other medical expenses, giving you peace of mind and allowing you to focus on your recovery.

Vacation or Travel

Need a break from the daily grind? A personal loan can help you fund your dream vacation, whether it’s a relaxing beach getaway, a European adventure, or a family road trip.

Education or Training

Investing in your education or career development can have a significant impact on your future earning potential. A personal loan can help you cover the costs of tuition, certification programs, or vocational training, setting you up for long-term success.

Business Expenses

If you’re an entrepreneur or small business owner, a personal loan can provide the capital you need to grow your business. Use the funds to cover startup costs, inventory, marketing expenses, or other business-related expenditures.

Other Uses

Personal loans can also be used for:

  • Buying a new car or refinancing an existing auto loan
  • Covering funeral expenses or other unexpected costs
  • Consolidating credit card debt
  • Funding a home business or side hustle
  • Paying for a pet’s medical expenses

As you can see, personal loans can be used for a wide range of purposes. Whether you’re looking to consolidate debt, fund a home improvement project, or cover unexpected expenses, a personal loan can provide the financial flexibility you need.

Get Started Today with Peoples Bank and Trust

At Peoples Bank & Trust, we’re committed to helping you achieve your financial goals. Our personal loans offer competitive rates, flexible repayment terms, and a simple application process. Learn more about our consumer loans!

Don’t hesitate to reach out to our team if you have any questions or concerns about personal loans. We’re here to help you make informed financial decisions and achieve your goals!

Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724

Model home on top of money

The Power of Home Equity: A Guide to Leveraging Your Home’s Value

As a homeowner, you’ve likely heard of home equity, but do you know how it works and how you can tap into it? At Peoples Bank & Trust (PBTC), we’re here to simplify home equity and provide you with a comprehensive guide on how to unlock its potential.

What is Home Equity?

Home equity is the difference between the market value of your home and the outstanding balance on your mortgage. It’s the amount of ownership you have in your home, and it can be a valuable asset for homeowners.

How Does Home Equity Work?

Here’s an example to illustrate how home equity works:

Let’s say you purchased a home for $200,000 with a 20% down payment ($40,000) and a mortgage of $160,000. Over time, the value of your home increases to $250,000. You’ve paid down your mortgage to $120,000. In this scenario, your home equity would be:

$250,000 (current market value) – $120,000 (outstanding mortgage balance) = $130,000 (home equity)

Suggested Renovations Based on Era of Your Home

The era of your home can greatly impact the types of renovations that will increase its value and appeal. Here are some suggested renovations based on the era of your home:

Pre-1940s Homes

  • Update electrical and plumbing systems to modern standards
  • Insulate walls and ceilings to improve energy efficiency
  • Replace original windows with energy-efficient, historically accurate replicas
  • Refinish or replace hardwood floors
  • Add modern amenities like central air conditioning and heating systems
  • Refinish unique details of the home. Here are some ideas for doing so: 11 Ways to Update an Old House Without Erasing Its Character

1940s-1960s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add insulation to attics and walls to improve energy efficiency
  • Replace single-pane windows with energy-efficient, double-pane models
  • Install new flooring, such as hardwood or tile, to replace outdated materials
  • Add outdoor living spaces, like patios or decks, visible from the street to increase curb appeal

1970s-1980s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like solar panels or skylights
  • Replace carpeting with hardwood or tile flooring
  • Install new windows and sliding glass doors to improve natural light and views
  • Add modern amenities, like smart home technology and high-speed internet connectivity

1990s-Present Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like LED lighting and smart thermostats
  • Install new flooring, like hardwood or luxury vinyl tile, to replace outdated materials
  • Upgrade outdoor living spaces, like patios or decks, with modern materials and features
  • Add modern amenities, like smart home technology. Check out the latest tech for 2025: The Best Smart Home Devices for 2025 | PCMag

Peoples Bank & Trust’s Equity Solutions for Your Next Project

Now that you understand how home equity works, you may be wondering how to tap into it. Here are a few options:

  • Home Equity Loan: A lump-sum loan that allows you to borrow a portion of your home equity at a fixed interest rate.
    • We offer a close-ended loan, meaning you get the full sum of the loan up front to use!
  • Home Equity Line of Credit (HELOC): A revolving line of credit that allows you to borrow and repay funds as needed.
    • Your limit is established up front, and you can draw on the line of credit when you need it!

Home equity is a valuable asset that can help you achieve your financial goals. By understanding how it works and how to tap into it, you can unlock the power of your home’s value. Whether you’re looking to renovate your home, consolidate debt, or fund a major expense, home equity can be a valuable resource. At PBTC, we’re here to help you navigate the world of home equity and make the most of your home’s value.

Not sure where to begin? Reach out with your questions, our experienced lending team is help you along you and your home’s journey!

Contact Us

Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724