List of 15+ personal loan uses | How to compare your options

What can you use a personal loan for?

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The top ways to use and compare your personal loan options.

When you need to borrow money, there are plenty of choices to choose from. If you’ve started looking at personal loans, you may be wondering what sort of situations you can use one for and what you can do to find the best lender for your situation.
Credible Personal Loans

Our top pick: Credible

Quickly get personal loan offers from top online lenders.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $50,000
  • Loan Terms: 2–5 years
  • One simple form
  • Must have good to excellent credit

    How can I use a personal loan?

    Lenders rarely place restrictions on how you can use the funds from your personal loan. This is by no means an exhaustive list, but it can get you started when you have large expenses you need covered.

    Purpose Can you use a personal loan? What to consider
    Buying a car Yes If the vehicle is eligible, you can get a car loan for lower rates. Unsecured personal loans are also an option.
    Debt consolidation Yes You can get a debt consolidation loan.
    Home improvement Yes As well as a personal loan for home improvement, you can also consider a line of credit on your home, which is called a HELOC.
    Medical bills Yes While your doctor or hospital might offer financing directly, you might be able to find a better deal by looking for a standard-use personal loan
    Vacation Yes There are lenders that will you give you an unsecured personal loan to pay for a vacation.
    Wedding Yes Some lenders will lend you money to finance the cost of your wedding.
    Pet care Yes A personal loan can help you pay for unexpected costs that come with being a pet owner, such as large veterinary bills.
    Boat or jet ski Yes Lenders impose maximum loan amounts that might not cover the total cost of your boat or jet ski. You may have the option of using the boat or jet ski you purchase as collateral for a secured loan.
    Pay off taxes Yes You can take out a loan to pay your tax bill in one lump sum to avoid fees charged by the IRS for installment plans or late payments.
    Going green Yes Many lenders are willing to help you foot the cost of becoming energy efficient by offering loans you can use to buy solar panels and more.
    Business It depends Lenders have different criteria for approving loans for business purposes, but you may still be able to get a personal loan for business use.

    Will my loan purpose affect my application?

    How you use your loan can affect your application. Certain loan purposes will be seen as more of a risk than others. For example, if you’re applying for debt consolidation, you may already appear to be higher risk than someone who’s buying an asset, such as a car.

    However, being approved for a loan will depend more on how the lender assesses your risk than what you plan on using your loan for. Ultimately, your eligibility will come down to whether you meet the lender’s eligibility criteria and if you can afford the amount you’re looking to borrow.

    How top lenders let borrowers use their personal loan

    Provider Auto financing & refinancing Business expansion Debt consolidation Home improvement Special occasion & wedding Vacation
    Citibank No No Yes Yes No No
    Discover Yes No Yes Yes Yes Yes
    LendingClub Yes Yes Yes Yes No No
    NetCredit Yes No Yes Yes Yes Yes
    OneMain Financial Yes No Yes Yes Yes Yes
    Prosper Yes Yes Yes Yes Yes Yes
    SoFi No No Yes Yes Yes No
    Upstart Yes Yes Yes Yes Yes Yes
    USAA Yes No Yes Yes Yes Yes
    Wells Fargo Yes No Yes Yes Yes Yes
    Credible Personal Loans

    Our top pick: Credible

    Quickly get personal loan offers from top online lenders.

    • Minimum Loan Amount: $1,000
    • Maximum Loan Amount: $50,000
    • Loan Terms: 2–5 years
    • One simple form
    • Must have good to excellent credit

      Personal loans you can apply for today

      Rates last updated September 24th, 2018

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      Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
      Name Product Product Description Min. Credit Score Max. Loan Amount APR
      Credible Personal Loans
      Get personalized rates in minutes and then choose a loan offer from several top online lenders.
      Good to excellent credit
      $50,000
      4.99%–36% (fixed)
      Monevo Personal Loans
      Quickly compare multiple online lenders with competitive rates depending on your credit score.
      580
      $100,000
      3.09%–35.99% (fixed)
      Even Financial Personal Loans
      Get connected to competitive loan offers instantly from top online consumer lenders.
      580
      $100,000
      4.99%–35.99% (fixed)
      LendingClub Personal Loan
      A peer-to-peer lender offering fair rates based on your credit score.
      660
      $40,000
      6.16%–35.89% (fixed)
      SoFi Personal Loan Fixed Rate (with Autopay)
      No fees. Multiple member perks such as community events and career coaching.
      680
      $100,000
      6.990% – 14.865% (fixed)
      Payoff Personal Loans
      Pay down your debt with a fixed APR and predictable monthly payments.
      640
      $35,000
      5.99%–24.99% (fixed)
      NetCredit Personal Loan
      Check eligibility in minutes and get a personalized quote without affecting your credit score.
      550
      $10,000
      34%–155% (Varies by state) (fixed)
      Best Egg Personal Loans
      A prime lender with multiple repayment methods.
      640 FICO®
      $35,000
      5.99%–29.99% (fixed)
      FreedomPlus Personal Loans
      Consolidate debt and more with these low-interest loans. Cosigners welcome.
      640
      $35,000
      4.99%–29.99% (fixed)
      OneMain Financial Personal and Auto Loans
      An established online and in-store lender with quick turnaround times. Poor credit is OK.
      Varies
      $30,000
      16.05%–35.99%* (fixed)

      Compare up to 4 providers

      What other credit options do I have to consider?

      While a personal loan is a viable option for the above scenarios, you also have other financing options to consider. These include:

      • Home equity loans. If you’re undertaking home renovations, using the equity from your home may be an option. Since you’re using your home’s equity as collateral, you may be eligible for a lower interest rate.
      • Business loans. If you require a large loan for business purposes, you can compare business lenders offering financing up to $5 million.
      • Credit cards. These can be a good source of ongoing credit and can come with high limits – between $1,000 and $100,000 – that you can use when you don’t have the savings to make a purchase.
      • Balance transfer credit card. If you have debt across a few credit cards or even a few personal loans, you can consider a balance transfer credit card. These let you pay 0% interest on the debt for an extended period of time.

      What would you like to finance?

      Bottom line

      Because lenders don’t place many restrictions on the way borrowers can use a personal loan, you can use your funds for just about anything. However, keep in mind that not everything should be financed. You may be better off saving for that big purchase or vacation that taking out a loan.

      If you’re ready to borrow, to find the best deal for your budget.

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      US Personal Loans Offers

      Important Information*
      Even Financial Personal Loans

      Get connected to competitive loan offers instantly from top online consumer lenders.

      Prosper Personal Loans

      Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

      LendingClub Personal Loan

      A peer-to-peer lender offering fair rates based on your credit score.

      SoFi Personal Loan Fixed Rate (with Autopay)

      No fees. Multiple member perks such as community events and career coaching.

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