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
- Banking
- Consumer loans and debt management
- Mortgages
- Real estate
- Personal finance
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 January 2026
These joint checking accounts are ideal for sharing finances with another person.
14 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 -
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 -
4 reasons to have multiple savings accounts
Here’s how multiple savings accounts can help you reach your financial goals.
5 min read Dec 09, 2025 -
What are the pros and cons of financing a car?
Consider the pros and cons of financing a car.
6 min read Nov 30, 2025 -
Overdraft fees vs. NSF fees: How they differ
Here’s how these two bank fees compare and how to best avoid them.
4 min read Nov 24, 2025