Should I Get a Personal Loan?

Consider a personal loan if you’re consolidating debt or need to fund a large expense like a home remodel.
Ronita Choudhuri-Wade
Jackie Veling
By Jackie Veling and  Ronita Choudhuri-Wade 
Edited by Kim Lowe

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

MORE LIKE THISPersonal LoansLoans

A personal loan is a way to consolidate high-interest debt or finance a large expense like a home improvement project. Interest rates on personal loans can be lower than on some credit cards, especially if you have good credit.

But financial experts typically advise against using a personal loan for that beach vacation or the latest flatscreen TV. For discretionary purchases like these, paying with cheaper options like a 0%-interest credit card or money you’ve saved up is best.