Personal Loans are designed to be flexible and can be used for many everyday financial needs. Common uses include:
- Debt consolidation: Combine multiple balances into one monthly payment, often at a lower interest rate than credit cards.
- Home improvements or repairs: Pay for renovation projects or take care of unexpected repairs as they come up.
- Medical expenses: Help cover out-of-pocket or unexpected medical bills that may not be fully covered by insurance.
- Major life events: Plan for larger expenses like weddings, birthdays, or other important milestones.
- Unexpected expenses or emergencies: Handle urgent costs such as car repairs or other unplanned expenses.
Debt consolidation remains one of the most common reasons clients choose a Personal Loan, as it can simplify payments and potentially lower overall interest costs while providing a path to payoff.
What Can’t Personal Loan Funds Be Used For?
Loan funds may be used for most personal expenses, with specific details outlined in our loan agreement. However, Earnest Personal Loans cannot be used for educational expenses, illegal activities, gambling, or any other prohibited purposes as outlined in the loan agreement.