I am going to give you a few popular uses for a personal loan. Please be advised that this is not necessarily for everyone.

1.   The Home Improvement Loan
   We can all use a little bit of work on our dwellings; this is a very popular reason that people take out personal loans. Be advised that you should check with a professional before any work is done with regards of a personal loan. You are more likely to get your money back from taking an equity loan against your property than actually using your personal credit for this action. Your house has its own identity with value, use your home for its own good and upgrading.
2. The Auto Loan
   You will more than likely lose money on this loan due to the depreciation of the vehicle, however, you end up with a true asset in regards that you have a vehicle. By securing funds through a personal loan before you begin shopping for a vehicle gives you leverage in negotiating the price of the vehicle. Having cash on hand is always a way to get a lower price for the vehicle and you do not have to deal with the hassles of financing your purchase.
3. The Student Loan
   This is a popular use for personal loans; however you are probably better of taking out a student loan to further the education of yourself or your children. The terms of paying back the student loan are much easier as you usually do not begin to pay back the loan until you are finished getting the education. Interest rates are usually lower on a student loan than a personal loan.
4. The Debt Payoff Loan
   This can be a very beneficial use of a personal loan. If you are finding yourself with a lot of credit card debt at high interest rates and fees, then obtaining a lower rate personal loan to pay off the credit cards is very cost effective and a financially sound decision. One very important aspect is to not use your credit cards after you have paid them off with the personal loan. You will end up deeper in debt and find it hard to overcome the debt. Wait until you have paid off the personal loan before you start using the credit cards again.
5. The Loan to Another Family Member
   Taking out a personal loan to give to another family member is usually not a good idea. The person you are loaning the money to probably has poor credit or has a lot of debt, hence they are asking to use your credit to help them out. If you do decide to help out a family member by taking out a personal loan, make sure that you have the ability to pay off this loan in case the family member misses payments or ends up defaulting. You do not want to ruin your credit by missing payments.
6. The Medical Loan
   Obviously no one wants to use a loan for medical reasons, but sometimes it is just plain necessary to obtain medical care. If you find yourself in this situation, just make sure you do not over extend yourself financially; sometimes you just don’t have a choice.
7. The Vacation Loan
   This is a very popular use for personal loans and is quite worth the incurred debt. People need vacations and by using your credit to obtain a personal loan you end up with a much better vacation. Make sure that you have the means to repay this loan and do not just borrow and spend the money unwisely.