The bottom line

At the end of the day, a personal loan can be used for almost anything — that’s why it’s categorized as “personal”.

Remember that no matter the circumstance, the loan must be paid back eventually. When you take out a personal loan to pay off credit cards or to throw the perfect wedding, you are borrowing money that must be repaid with interest on top. Personal loans are a great way to consolidate debt and make major purchases, but you should always utilize this financial resource responsibly.