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Thoughtful borrowing is one of the top means to contribute to your financial wellness and help you reach your goals. But, before you borrow, take some time to learn more about the loans that are available. To ensure that you're making the best decision for your needs, compare your options for the long and short term. Everyone's finances are different, so your ideal borrowing decision will probably differ from others.

Questions to Ask

When you consider a loan or line of credit, take the time to think through these important questions:

  • What Can You Achieve with a Loan or Line of Credit? Borrowing can help you achieve your dreams, whether that's a cross-country trip, a new home, or sending your kids to college. And when something happens that you didn't plan for – a car breaks down or a roof needs repairs – a loan or line of credit can make paying for the unexpected much easier.
  • How Will Borrowing Affect Your Financial Health in the Long Term? Borrowing can improve your financial health over time if you make wise choices. For example, consolidating your credit card debt with a lower-interest loan can empower you to pay off debts sooner, freeing up money for saving. Taking out a loan to buy a new vehicle can ensure that you have the transportation necessary for your commute to a new job. Establishing a line of credit can give you peace of mind because you'll be prepared in case unexpected expenses come up in the future.
  • Which Loan Is Right for You? The right loan for you depends on your financial situation and how you plan to use the funds. For example, a mortgage can help when purchasing a new home for you and your family and the home equity allows you to secure a loan or line of credit for larger purchases. Other options include a personal loan which is often a good choice for consolidating debt or emergency expenses. A secured personal loan, on the other hand, can be used to purchase an ATV, boat, or motor home. If you want to protect against overdrafts or prepare for unexpected bills, a line of credit can give you the flexibility you need.

Remember, you don't have to answer these questions on your own. A banker can walk you through the options and help you choose the best one for you.

What Are the Main Components of Thoughtful Borrowing?

Thoughtful borrowing is a personal experience that is tailored to your goals. With the help of a banker, you'll explore your choices and decide on the next step in your financial journey. It all starts with these crucial components:

  • A Key Financial Wellness Review®: Reviewing the details of your financial health – including your income, assets, and debts – allows you to narrow your search to loans that are a good fit for your budget.
  • Expertise: A banker offers research and guidance so that you can make a fully informed decision.
  • A Personalized Experience: There's no cookie-cutter advice. Thoughtful borrowing means having one-on-one conversations to identify the best options for you and your family.

If it seems as though thoughtful borrowing may be the next step in your financial journey, take the time to schedule an appointment with a banker to learn more.

This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice.

By selecting any external link on, you will leave the KeyBank website and jump to an unaffiliated third-party website that may offer a different privacy policy and level of security. The third-party is responsible for website content and system availability. KeyBank does not offer, endorse, recommend or guarantee any product or service available on that entity's website.

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offers are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans or products are available in all states.

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