Quick Tip: Turning to personal loans for everyday expenses could cost more in long-term

Quick Tip: Turning to personal loans for everyday expenses could cost more in long-term


Saturday, July 25, 2026 2:46PM

Turning to personal loans for everyday expenses could cost more in the long-term.

WLS

CHICAGO (WLS) — There’s a concerning new trend of more people turning to personal loans just to pay everyday bills likes groceries and utilities.

It could cost you long after the monthly bills are paid. A new LendingTree analysis shows more than 8% of personal loan requests are now for routine expenses.

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That’s more than double the rate from just a few years ago.

Instead, you should cut or pause all nonessential spending to help cover necessities without borrowing.

You can also contact your utility company, landlord or lender before taking out a loan.

Many may offer payment plans or hardship programs that can cost far less than paying interest on a personal loan.

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