8 things you can do with a personal loan 

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Team MONEYME|07 June 2023| 4-minute read

Chances are you know you can buy a car with a personal loan. But what about paying for a wedding? Kick starting a new business? Or covering medical expenses? 

A personal loan can help you unlock more possibilities than you might think. Here, we take a look at 8 things you could use a personal loan for when you don’t have the funds upfront.  

Kick off a business ​️​ 

Got a burning idea, but don’t want to burn all your savings on it? If the world can’t wait, a personal loan could be the way to go.  

You can use it to pay for costs big and small – from designing a dazzling logo to setting up your website and paying those pesky insurance premiums.  

Fund a dream holiday ​️​ 

Getting through the working year is easier when you have a holiday to look forward to.  

You can take out a personal loan to help fund your next one – whether you fancy a week on New Zealand’s snow fields, wandering around cobblestone alleyways in Paris, or visiting family overseas.  

Personal loans can help you budget for your trip because they come with a payment schedule. So, you can borrow as much – or as little – as you need, then pay it off over time when you’re back. If you get a personal loan with no early exit fees you can even pay it off sooner if you get a windfall. 

Get educated  

Want to take your career to a new level? How about starting a whole new one? 

Either way, education is key. A personal loan could help you pay for a short course, diploma, bachelor’s degree, or master’s. 

Revamp your pad ​️​ 

A bigger kitchen, an extra bedroom, a prettier bathroom, a smarter study… When it comes to renovating your home, the possibilities are endless.  

The catch is, renos don’t usually come cheap and can take time to save for. But, with a personal loan, you might be able to start (and finish) working on your dream home sooner. Or maybe you’re planning to add some extra value to your home before a sale? 

Buy a car ​️​ 

Of the many ways to buy a car, a personal loan is one of the most flexible.  

While dealer finance programs are typically only available for new cars, a personal loan can be used for a brand new, cutting-edge model at your local dealer – or a second-hand vehicle from a friend. It’s up to you. 

You can also choose between an unsecured or a secured (backed by the car you are buying) personal loan, based on what suits your needs. 

Pay for a wedding  

Whether you’re planning on marrying at a Las Vegas drive-thru in a pink Cadillac or throwing a party involving all your distant relations, you can pay for it with a personal loan.  

Knowing how much money you have up your sleeve could help you plan, book, and, most importantly, party better. 

Manage medical expenses  

A potentially less enjoyable way of spending a personal loan is on medical expenses.  

However, it could help you get important treatment quicker than would otherwise be possible. 

Consolidate your debts  

Juggling multiple debts with various interest rates and numerous deadlines can be exhausting and confusing. 

With a personal loan, you can consolidate your debts. That means rolling your outstanding debts (e.g. loans and credit card balances) into one, so you make a single repayment monthly. Consolidating your debts doesn’t just make them easier to manage, it often results in a lower interest rate. 

Benefitting from the benefits  

A personal loan is not only flexible. It also often comes with a lower interest rate than other options (such as credit cards) and a repayment schedule, to help you plan and budget better. 

If you’re holding off on that once-in-a-lifetime trip to see the Northern Lights or the ultimate kitchen makeover because you don’t have the savings, a personal loan could help get you there sooner. 

Interested in a personal loan?

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