Does your loan purpose matter? Yes — here’s why
The reason you get a loan is personal, but it could affect which lender you select.
4 min read
Dec 24, 2025
Erin Lowry
Expert Reviewer, Personal Finance
EXPERTISE
- Credit cards
- Debt management
- Personal finance
- Retirement
- Wealth
- Budgeting
Bankrate's Expert Contributors
Our Expert Contributors are a select group of creators, experts and thought leaders who share first-person perspectives on finance and its intersections with our lives.
Meet our expertsAbout Erin
Erin Lowry is the author of the four-part Broke Millennial series, including: Broke Millennial, Broke Millennial Takes On Investing, Broke Millennial Talks Money and Broke Millennial Workbook: Take Control and Get Your Financial Life Together. Erin’s been featured in The New York Times, Wall Street Journal, and on GMA3, ABC News, CBS Sunday Morning, CNBC and The Rachael Ray Show. She has written for The New York Times, USA Today, and other major publications.
Erin's latest articles
-
-
Pros and cons of private student loans
Federal student loans are usually best, but you may still need private loans.
4 min read Dec 24, 2025 -
Best joint checking accounts in December 2025
These joint checking accounts are ideal for sharing finances with another person.
15 min read Dec 23, 2025 -
Low-income loans: Personal loans for a tight budget
Low-income loans exist but great rates are rarer.
6 min read Dec 22, 2025 -
What is the APR on a personal loan?
An APR is a snapshot of how much your personal loan will cost each year.
5 min read Dec 17, 2025 -
Should I buy a new or used car? Here’s how to decide
There are pros and cons of getting the latest model.
4 min read Dec 17, 2025 -
Types of student loans and how to choose one
Make sure to choose the right type of student loan for your needs.
7 min read Dec 16, 2025 -
Should you pay off your car loan early?
It could be smart to pay off your loan entirely or make larger payments.
7 min read Dec 10, 2025