From Yahoo Finance: 2025-06-20 15:23:00

Personal loans can be used for debt consolidation, medical bills, and home repairs, offering lower interest rates and flexible repayment terms. However, lenders typically restrict using personal loans for investing, business expenses, home down payments, college tuition, gambling, or non-essential items like vacations. Using personal loans for essential expenses like medical bills, veterinary fees, home repairs, car repairs, moving costs, and wedding expenses is advisable, as they can help cover these significant costs when savings fall short. Be cautious about misrepresenting the loan’s purpose, as it could lead to severe consequences, including legal action or jail time.



Read more at Yahoo Finance: Can I use a personal loan for anything? 6 expenses that are restricted.