Just because your credit score took a hit some time ago doesn’t mean no one is going to give you a loan. In fact, you could qualify for one of Magicalcredit.ca’s bad credit loans and not even know it unless you apply. Assuming they approve, how could you put the money to good use? Here are some suggestions to consider.

pay medical debt

Even with national and provincial health coverage, there may be certain types of medical support and procedures that are not included. That means you have to pay those expenses out of pocket. To prevent things from getting out of hand, it makes sense to use the proceeds of a loan to pay off those debts. In some cases, the interest on the loan will be less than the cumulative interest you incur by allowing those individual balances to continue to accumulate from month to month.

do those car repairs

You depend a lot on your vehicle. One of the main reasons you need to remain roadworthy is the fact that you need a way to get to and from work. That becomes especially important if you sometimes have to work odd hours. It’s one thing to use public transportation when your schedule is during the normal business day. If you work the night shift, the range of transportation options available to you may be more limited.

If your car needs attention now but the bank account is empty, you don’t have to keep driving hoping the car will make it another day. Get the necessary funds and have the car repaired. You’ll feel much better when it’s possible to get in the car and feel reasonably confident that it will get you to your destination and back home in one piece.

Pay your credit cards

Keeping up with multiple credit card accounts can be tricky. Since they all have different due dates and different interest rates, you end up spending time each week figuring out which one needs your attention next. You could use a loan to simplify your budget and stop worrying about which card to pay next.

Using loans to consolidate credit card debt is nothing new. Many people have used this approach in the past. Part of the beauty is that the interest rate on the loan will likely compare favorably with the rates on those cards. If you can refrain from accruing new card balances until after the loan is paid off, you’ll be in a much better financial position.

Buy new appliances

While appliances like refrigerators and ovens are meant to last for years, the day will come when they need to be replaced. If you have major appliances that are about to fail and there’s no extra money in your checking account, a loan is one way to deal with the situation. Borrow the money needed to buy the appliance and pay off the debt with a series of payments that easily fit into your budget. You can continue to enjoy the benefits of a fully functional kitchen and end up with something that is likely to last for many years.

Do some kind of home improvement

Is there something in the house that you would like to change? One way to finance minor home repairs is to get bad credit loans. Use the money to repair a damaged window, repaint a few rooms, or buy new rugs for the living room. Once the loan for that project is paid off in full, you can always go back and get financing to manage a second home improvement project.

Remember that you don’t need perfect credit to get a loan. There are lenders who are more interested in your income level, job stability, and the fact that you have a permanent address. With a little time and effort, you can find a lender who is willing to provide the financing you need and take care of any needs you have.