What is a good reason for a personal loan?

Annie Millerbernd Of Nerdwallet
Published 1:38 p.m. ET May 18, 2020

Unsecured personal loans can pay for almost anything. Their flexibility makes them easy to turn to when you want to consolidate your debts or put in that kitchen island.

But first assessing all your financing options can save you money.

Right now, for example, the cheapest way to get extra cash might not be with a personal loan, but with 401(k) funds. The government is allowing penalty-free withdrawals from these savings for those affected by COVID-19.

Still, withdrawing money from your 401(k) could mean you lose out on potential market gains and set your retirement plan back.

Here’s what financial planners say about some of the reasons people take out personal loans.

Debt consolidation: A debt consolidation loan lets you pull existing debts from different sources, like credit cards and other loans, into a single loan. It can save you money if…

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