You can use your loan funds for a number of things. LendingClub members use loans for things like:
- Funding special events, like a wedding or other celebration
- Making major purchases
- Handling unexpected repairs or medical expenses
Personal loans can also be a great way to pay down other high-interest accounts or consolidate your debts. We even offer balance transfer loans for just that.
Prohibited uses
While the list of ways you can use your loan is just about endless, the list of ways you can’t use a LendingClub loan is much shorter. There are four limitations on how you use your funds.
You can't use a loan for:
- Secondary education (education after high school) expenses—including tuition, books, fees, trainings, and more
- Illegal activities
- Making investments
- Buying any type of cryptocurrency
Your Borrower Agreement explains those limitations in more detail.
When you apply for a loan, we’ll ask what you intend to do with the funds. As long as you don’t use the money for any of those prohibited purposes, the sky’s the limit.