Overview

When you apply for a loan, you’ll be asked to select how you intend to use the funds. You have flexibility in how you use the funds; however, approved uses may vary by lender.

Below you’ll find categories with a description and examples to help you decide which one best describes how you’re planning to use the majority of the funds. The examples are provided for general guidance only and may change over time. Final eligibility is based on your loan terms and lender requirements.

Approved Uses for Loan Funds

Bills or Rent

• Description: Expenses related to paying personal or household bills.
• Examples: Rent; mortgage payments; utilities; internet/cable; phone bills.

Buy a Vehicle

• Description: Purchasing a personal-use vehicle.
• Examples: Purchasing a car or contributing to a vehicle purchase.

Credit Card Refinancing

• Description: Paying off credit card debt in the applicant’s name.
• Examples: Paying down or consolidating one or multiple credit card balances.

Debit Consolidation

• Description: Combining multiple high-interest debts into one fixed monthly payment.
• Examples: Personal loans; auto loans; payday loans; cash advances; back taxes from previous tax year.

Family Assistance

• Description: Help support your household or family’s general needs.
• Examples: Family medical bills; buying a car for a family member.

Home Improvement

• Description: Expenses for repairing, maintaining, or improving a home.
• Examples: HVAC or hot water repair; appliance replacement; remodeling; landscaping.

Large Purchase

• Description: A significant purchase not fitting another category.
• Examples: Furniture; appliances; electronics; car repairs; recreational vehicles (ATVs, dirt bikes, boats).

Medical

• Description: Medical expenses for the applicant’s own care or procedures.
• Examples: Emergency medical bills; planned surgeries; dental work; cosmetic procedures.

Other

• Description: Miscellaneous expenses not fitting other categories.
• Examples: Groceries; gas; informal debt; gifts; lawyer fees; vet bills; savings to build credit.

Relocation

• Description: Costs associated with moving residence.
• Examples: Hiring movers; security deposits; moving insurance; unexpected moving costs.

Taxes

• Description: Taxes owed for the current tax year.
• Examples: IRS payments required to complete current tax filing.

Vacation

• Description: Travel expenses for leisure.
• Examples: Flights; hotels; vacation activities; travel packages.

Wedding or Special Event

• Description: Expenses related to weddings or major celebrations.
• Examples: Venue deposits; lodging; wedding attire; engagement rings; honeymoon; large celebrations (quinceañera, anniversaries).

Restricted Uses for Loan Funds

Loan proceeds generally cannot be used for: 

❌ Illegal activities
❌ Educational purposes
❌ Gambling or speculative investments
❌ Purchasing securities or other financial instruments
❌ Funding another person’s loan

Final Thoughts

Choosing the correct loan purpose helps ensure your loan offer is accurate and compliant with lender requirements. If you’re unsure which category applies to your situation, or whether your intended use is eligible, you can review your loan terms or contact support for help.