Mika
VIP Contributor
You can borrow money for personal reasons like paying for school fees, buying a house or car, or covering medical expenses, renovating house, etc. If you borrow money for things that don't make you money, like buying stuff you don't need, you'll have to pay it back from the money you earn. Getting a personal loan isn't a great idea if you're using it to buy things that won't help you make money. But there are times when it can be really helpful. For example, let's say you borrow $1000 to pay for college. After you graduate, you get a good job and start paying back the loan.