You can use an installment loan for a variety of purposes, depending on your financial needs and goals. Here are some common ways that people use installment loans: Consolidating debt: If you have high-interest credit card debt or other loans, you may be able to use an installment loan to consolidate your debt into a single monthly payment with a lower interest rate. Making a large purchase: If you need to make a large purchase, such as a car or home repairs, an installment loan can provide the funds you need to make the purchase and pay it back over time. Covering unexpected expenses: If you have an unexpected expense, such as a medical bill or emergency home repair, an installment loan can provide the funds you need to cover the expense and pay it back over time. Financing a business: If you are a small business owner, you may be able to use an installment loan to finance your business operations or expansion plans. Investing in education: If you are pursuing further education, such as a college degree or vocational training, an installment loan can provide the funds you need to cover tuition and related expenses.