A bunch of kayaks along the wall.

Commonly Funded Loans

Ever wonder what people are using their personal loans to buy? In the age of Coronavirus, it is not the same things that they were buying before. Let’s take a look at a few of the top things that people are looking to purchase. The results might surprise you.

The Coronavirus has changed the way that people search online and the way that they spend their money. It used to be that people more often than not were just looking for cash but now they are being specific. Take a look at some of the interesting things people are looking to buy during these strange times.

Welders

People are bored and evidently crafty. Welding equipment loans are in high demand and most of these are for the hobby welder.

If you are not familiar with welders, you might not understand how truly useful they can be. They can be used to make art, furniture, smokers and of course for vehicle repair and upgrading. Welding is, for example, a very useful skill to the off-road enthusiasts. They use it to make their own suspension, bumpers and for vehicle repair.

A quality hobby welder can easily reach 1000 dollars or more with professional welders going up dramatically from there in price. No wonder people are looking for financing.

Small Water Crafts

Another big one on the list is small water craft such as canoes and recreational kayaks. This shouldn’t be too surprising though, it is June after all.

What might be surprising is just how much some of these things cost. A fishing kayak from Hobie ,for example, can cost nearly 4000 dollars. That is a lot of money for something that is mainly plastic.

In defense of the hobby however, it does have an interesting hands free drive system that make it a great choice for fishing. If you have never seen one, check one out here. I am sure that you will agree that they are quite a craft.

Exercise Equipment

People are cooped up and are now discovering what a problem this has become. Weight gain was inevitable with such a prolonged shut down and people are starting to fight back against it.

Weight systems, exercise bikes, folding treadmills, elliptical trainers and much much more equipment is flying off the shelves. To pay for all of this expensive equipment, people are turning to personal loans.

This should not be surprising either given the cost of exercise equipment. You get what you pay for and if you want a treadmill that is going to last and be easy on the joints, 2000 dollars is about what it takes to get into the market.

Vehicle Modifications

People are bored, that is painfully clear. You can’t go to the movies anymore and dining is a limited option, so people are working on their rides more.

Vehicle mods depend on what people are into. Some are into making their cars prettier, some into making them faster and some like to make their trucks taller. Truck and Jeep lift kits are flying off the shelf and people are getting them with the help of loans.

So how much are people spending on vehicle modifications? More than you might think. The average supercharger kit for a car might cost close to 5000 dollars. Likewise, a good lift kit is not cheap either, often topping 3000 dollars.

Lawn Equipment

Last but not least, you have lawn equipment. This once again makes sense in a way. People are home more, so why shouldn’t they get the lawn in shape.

It takes a lot to get a yard in shape. You need trimmers, edgers, push mowers and if the yard is big enough, a small riding lawn tractor can make life much easier. These things are great but they are expensive, thus the loan requests we are seeing.

A riding mower often tops 2000 dollars and if you want one of the zero turn variety, you can double or triple that amount.

Wrapping Up

So there you have it. This is what we are seeing in June of 2020 as far as requests go.

Welders, kayaks, treadmills, superchargers and lawn mowers. More or less that is it.

Leave a Reply

Your email address will not be published. Required fields are marked *