Is It A Good Idea To Use A Personal Loan To Buy A Computer

Getting a personal loan could be a good thing in some cases. You can get personal loan online or through a traditional brick-and-mortar. There are advantages and disadvantages to personal loans. So, you just have to weigh them out, shop around, and see what is best for you.

Reasons to Get a Computer Loan

This is also true for computer loans. A computer loan is usually a secured, short-term loan having fairly low-interest rates. Many times, a personal loan to buy a computer is a good idea. High-quality computers normally cost from $500 to $1500. Not many people can afford to buy a computer directly and pay for their rent/mortgage, car notes, car insurance, food, and other basic needs and bills. Many of these people either don’t have much money left over after paying for these basic bills or are barely making it.

So, to get a personal loan online or at a regular building for a computer to go to school or to make money is a good thing. In this case, you are obtaining a personal loan to buy a computer to achieve a better economic situation for you and your family. Just like getting an auto loan to buy a vehicle to go to work/school, you should consult short term loan lenders for a computer loan.

Pros & Cons of Computer Loans

As mentioned before, there are various pros and cons to get a personal loan to buy a computer. The following are those pros and cons:

Pros of Computer Loans

  • Immediately getting the laptop instead of being required to wait until you have enough money saved
  • It can assist in building your credit if you pay it back on time. Short term lenders are spectacular for this because you can easily pay these loans off within some months.
  • These loans are sometimes less expensive than financing retrieved from retailers. In these cases, the interest rates are much higher than personal loans.

Cons of Computer Loans

  • There will be interest unless you can immediately pay the loan off. These interest rates are sometimes very high, and sometimes can cost the same as the computer.
  • Most personal loans are over $1,000 which are more than a lot of computers cost. So, unless you need the excess money for something else, this extra money could be bad. Otherwise, you can save the excess money for the first payment on the loan.

Is Getting a Computer Loan Necessary?

Now that you’ve gotten an overview of the advantages and disadvantages to getting a computer loan from mainly short term lenders, you should have a better idea whether a computer loan is worth it. If not, you can still determine what is the best decision for you in getting that computer.

For one, if you don’t need a computer right away, then you can save up money to buy a computer or possibly put one on layaway. Sometimes, you can buy a refurbished computer for a more affordable price. Some of these used computers may have warranties just in case. Also, you possibly can buy your new computer with a credit card. Many times, credit cards have lower interest rates.  You also should consider if you can pay the loan back. If you default on the loan, you will get bad marks on your credit score.


Getting a personal loan for a computer or for anything else is no matter to take lightly. You must weigh out your pros and cons to make the right decision for you. It will also behoove you to look over all your options to see if it is necessary to obtain a loan. Make a wise decision today for you and your loved ones.