![]() For instance, you typically can’t use a personal loan for investing, gambling, a down payment on a home or post-secondary education. Keep in mind: Most lenders have a few restrictions on personal loan use. “The interest rate on a personal loan is typically lower than the rate on a credit card, making it an attractive option for borrowers with. “A personal loan can be used for a variety of purposes, from consolidating debt to financing a major purchase,” says financial advisor James Allen. Personal loans can be used for almost any legal purpose, such as: Some lenders will pay off your creditors directly while others send you the funds, which you can then use to pay off your debts. You can use the loan proceeds to pay off your old debts and have a new repayment term, ideally at a better interest rate.
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