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.