Personal loans can be used for anything. They are called 'personal' for a reason. You can use a personal loan to payoff debt, make a down-payment on a large purchase, dental, medical, etc. Typically, lenders will not require a reason and do not make their decisions based it. If you find a lender waivering based on the reason, plead your case and hopeful it is good:)

Receiving a personal loan is not as difficult as you might think. Simply find a reputable lender and apply. What is the worst that can happen? You might be rejected. If rejected, ask why and apply again with a different lender. Try to address the concerns from the previous lender and If rejected again, try again and again.

The criteria to receive a personal loan will vary from lender to lender. Some lenders have tougher requirements to receive a personal unsecured loan. Typically, lenders base their decision to loan unsecured money on multiple factors which include the following:

• employment
• current income
• credit history

If you find yourself unemployed with limited income and bad credit, do not worry - you may still qualify for a personal loan. How? Along with the criteria mentioned, many lenders assess a persons overall ability to repay based on other factors. As mentioned in other parts of this site, the higher the risk, the higher the rate.

Always remember, a personal loan is not a gift and must be repaid on time. Repaying your loan on time will lay the foundation for good relationship the next time your need a loan. This will prove to the lender that you a person capable of repayment.