Unusual loans are no April Fool’s joke

On March 31, 2017 in Almost Anything ElseFinancial Management

Unusual loans are no April Fool’s joke

unusual loan purposesWith total household debt in America at about $12.4 trillion, it’s clear that consumers aren’t shying away from borrowing money to realize their dreams. While the vast majority of that total is tied up in mortgages, auto loans, student loans, and credit cards, there is a sliver of the pie that one might consider to be a bit out of the ordinary.

Loans for airplanes, boats, campers, recreational vehicles, tractors, motorcycles, swimming pools and timeshare ownership are among those that fall within the definition of “normal.” Borrowing to pay for weddings, adoptions or even fertility treatments is now part of mainstream thinking in the U.S. too.

However, there are many other less-traditional wants and needs being funded for purchases that you might be surprised to know can be financed. In honor of April Fool’s Day, let’s take a brief look at a few hard-to-believe, but completely real items that can be financed.

Elective surgery

It is hardly news that millions of Americans subject themselves to the surgeon’s knife in an attempt to turn back the clock on aging, or at least the appearance of aging. Most insurance providers will not cover plastic surgery or weight-loss procedures, but that doesn’t seem to be a deterrent as individuals are taking out loans to pay for such procedures.

Exotic pets

Visiting the Humane Society or your local animal control facility is still a popular and inexpensive way to obtain a great dog or a cute kitty, and certainly buying a horse would be considered mainstream. However, some people have proven they want pets that are different and unique. That often comes with a higher price tag, which can range from a few hundred dollars for certain cuddly snakes to thousands for pet monkeys, camels or other exotic animals — and there are loan dollars to be had.

Unusual home-remodeling projects

Want to make your home stand out from the crowd? Assuming you don’t have a homeowners’ association that would go apoplectic, you might be interested in borrowing to add a room using the shell of an old school bus. Perhaps you would like to create the look of a medieval castle or maybe you’d like your home to look as if you live next door to the Flintstones. No matter the taste, if you have good credit, you can probably get a loan to complete remodeling for whatever look you desire.

Artwork

Finally, financing is often obtained to purchase high-end artwork, but at the other end of the spectrum there are tattoos. Yes, you can even borrow to pay for body art at a number of places. If you just have to have an image of your favorite athletic team emblazoned across your shoulder blades, or that skull and crossbones artwork is calling your name, but you just don’t have the cash, fear not… there is a way! Before the ink is dry on a loan agreement, you can be getting inked yourself, and that’s no joke.