What are the likely reasons that people have to take personal loans?

[Kross]

I have heard of some people that have approached institutions for personal loans. I have not taken a personal loan myself. What are the likely reason that some people have to take personal loans? Have you ever taken personal loan? Why did you take it?

 

[Augusta]

it for diverse reasons. sometimes you may need a personal loan to cover the cost of a large unexpected expense.a personal loan can help here

 

[Springtime]

I have never taken out a personal loan except the mortgage loan for my apartment. People taking out personal loan may be due to several reasons such as money is needed to pay for a big-ticket item, unexpected expenses due to sickness.

 

[freelancermaria]

People take out personal loans for different reasons, especially these days when life feels more challenging. This may be because of hospitalization or the death of a loved one.

 

[Suba]

I have taken car installments and mortgages but now they have been paid off, there are many reasons why people take loans such as financing hospitals, repairing houses, urgent needs, wedding costs, school fees, etc.

 

[Nomad]

Some people take personal loan for buying assets where as some borrow for buying liabilities. When people do not have enough income, they always end up with loan

 

[eLdavis]

There are actually several reasons for this, for some they might be faced with an unexpected expenses, hence the only way out is by taking loans.

 

[Fidelia]

For some people, they might have to make a quick journey and their emergency funds can't cover that. They might have to resort to loans.

 

[Augusta]

People take a personal loan for emergency expenses, major purchases, home repairs, or milestones they want to reach

 

[Tray59]

Taking a loan is very good you will have an aid to start any business so as per this I believe that loan is good but you will need to take a level of loan which you can pay back and after getting the loan you will be very careful the way your loan money been invest to avoid been into Dept that can lead you in troubles

 

[Min George]

Some people have to take personal loans because their salaries have been delayed. They take quick loans to survive.

 

[Augusta]

Personal loans are a good way to consolidate and pay off costly credit card debt.