 TITLE: What Is a Personal Loan? CONTENT: What Is a Personal Loan Used For?\n---------------------------------\nPersonal loans—sometimes called debt consolidation loans, signature loans or unsecured loans—offer a lot of flexibility in how you can use them.\nIn most cases, personal loans are unsecured, which means you don't need to put up collateral to get approved. There are, however, secured personal loans, which require you to use a savings account or another asset as collateral in case you default.\nPersonal loans typically come with fixed or variable interest rates, as well as repayment terms that range from just a few months to up to seven years—though some can go longer.\nWith most lenders, you have a lot of leeway for how you can use your personal loan funds. That includes things like:\n*   Debt consolidation (especially for credit card debt)\n*   Medical bills\n*   Home repairs and renovations\n*   Repaying family or friends\n*   Wedding expenses\n*   Divorce costs\n*   Moving expenses\n*   Funeral costs\n*   Vacations\n*   Furniture or appliance purchases\n*   Small business expenses\n*   Holiday shopping\nKeep in mind, though, that some lenders may have restrictions on how you can use your money. Some may prohibit education-related expenses, for instance. Check with the lender beforehand to make sure you can use a personal loan for your intended purpose. END