When should I use a personal instalment loan?

Personal instalment loans are useful for needs that other loan types cannot cover. These include paying for weddings, renovations, travel and medical costs not covered by insurance. Besides that, you can also use that personal loans for downpayment when you are buying a car or house. Sometimes, a personal loan is not a bad idea as the interest rates can be lower than some other loan types. The rates go even lower when banks offer promotional interest rates. It's best to compare personal loan interest rates before deciding which is the right one for you.