Can you spend a personal loan on anything?

Can you spend a personal loan on anything?

Yes, you can spend a personal loan on anything, especially an unsecured personal loan, that you have taken out.

But be careful, you want to make sure that you’re using the loan responsibly and not dipping into it anytime you just want something nice for yourself but you don’t really need it and then you won’t have the money to pay it back.

That’s going to have very negative long-term consequences for you. So yes, you can spend it on anything, but it must be spent responsibly.

Usually personal loans are spent on covering unexpected expenses that come up, such as:

  • Making an investment into something, an opportunity or your business
  • Perhaps catching up on bills
  • Repairing your car that you need to get to work and back

Those are examples of common uses for personal loans.

We can help connect you with the top personal loan providers in Canada. Get a personal loan now!

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.