Key takeaways The purpose of your loan can impact the amount, terms and interest rates you’re offered. Some lenders also place restrictions on how you can use the proceeds. Prequalifying with multiple lenders can help you find the best loan offer for your intended purpose, without hurting your credit. When applying for a personal loan, lenders will ask why you need the funds — and your answer matters. While many lenders offer personal loans that can be used for any (legal) purpose, some place rest ...