Worst Uses

You may have already received countless pieces of advice from your lender and the people around you to be responsible in using personal loans with bad credit. But there is no tracking system in place and qualification does not entail a comprehensive interview on how you intend to use the money. So despite the warnings and reminders, there are still people who decided to use personal loans with bad credit in rather humorous ways. Here are a few examples.

1. Getting a boob job

With the availability of cheap cosmetic surgeries and the popularity of breast implants, it is not surprising to see some women taking out personal loans with bad credit to complete the money needed for physical enhancements.

Most of the time, the women who use personal loans with bad credit for this purpose have no credit history at all or they may have bad credit. Hence, the personal loans with bad credit, for them are perfect solutions because there is no credit check involved.

2. Going on a holiday

The summer or winter seasons are generally the best times to go on vacation. If you have saved up for this trip, it would only be right that you enjoy these seasons somewhere else. Unfortunately, there are still people who would take out personal loans with bad credit just to go on trips during these seasons. While there is nothing wrong with taking trips, taking out a loan just to fulfill your dream vacation is definitely not a great idea, economically. Remember, loans always come with interest, fees, and financial responsibility; and failing to pay it back can lead you to not only more financial problems later on but also legal problems.

3. Getting car upgrades

Your vehicle is a necessity, rather than a commodity. You use it to get to work, bring your kids to school, and go to several other places. This is why using online personal loans with bad credit for necessary car repair can be valid reason, only if you have no other options around.

The worst way of using personal loans with bad credit would be to go for car upgrades. These are unimportant because your car will still function well without them. Buying a $900 powerchip is senseless if the money you’re using is borrowed.

4. Parties

Who applies for personal loans with bad credit just to be able throw lavish parties? There is no rule that says you need to throw the best parties, so if budget is really tight you really don’t have to take out a loan and pay for interest and fees just to make an event memorable. As long as you are with your family and friends, any celebration can be made memorable. Also, the Internet offers thousands of tips and reviews for a cost-efficient party, and all you need to do is to choose which ones work for you best.

Personal loans with bad credit, as any type of loan, should only be used when the needs arises. Personal loans with bad credit should only be used for the purposes they are designed for and definitely not to spend them in irresponsible ways as listed above.