Can a personal loan be used for anything that you want to buy?

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asked Sep 16, 2017 in Other-Finance by Corydodt (200 points)
Can a personal loan be used for anything that you want to buy?

If I get a personal loan do I have to tell the bank or loan company what I need the personal loan for?

1 Answer

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answered Sep 16, 2017 by Shawn (105,070 points)
Yes you can use a personal for anything you desire.

That's why it's called a personal loan. The bank or loan company shouldn't need to know why you need the personal loan but some might ask.

Only take a personal loan out though if you know you can pay the loan back without defaulting on payments.

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