When the COVID-19 pandemic hit, like everything else, live concerts and festivals came to a halt. As restrictions slowly lifted, a few artists hit the stage, and many festivals resumed. However, it wouldn’t be until 2022 that touring and large festivals would return to test the waters. In recent months, artists like Taylor Swift, Beyoncé, and The Cure have been dropping tour dates left and right, resulting in high-demand and expensive concert tickets.
These expensive concert tickets result in many fans applying for credit cards and inquiring about personal loans. But can you use a personal loan to go to a concert?
What Can You Use a Personal Loan For?
There are a million reasons why someone may need a personal loan, from consolidating old debts to paying medical bills to cover moving expenses. A personal loan can fund expenses for which you may need more cash. How you use your loan is up to you.
To answer your question, “Can you use a personal loan for concert tickets?” Yes, you can. However, should you use a personal loan for concert tickets? Before you apply for a loan, it’s important to know how personal loans work and the responsibility it takes to pay them back. That way, you’ll know if taking out a loan is worth it.
What Can’t You Use Personal Loans For?
While you can use personal loans for almost any scenario, some institutions and lenders will restrict certain uses. They may prohibit certain uses because of their personal beliefs. With that in mind, sometimes you shouldn’t use a personal loan for the sake of healthy financial habits.
You shouldn’t use a personal loan for the following:
- Start-up business expenses
- Paying college tuition
- Investments
- Down payment on a home
- Living expenses
Other Ways to Fund a Concert or Music Festival Trip
You can fund a trip with your friends in many ways without risking your finances. If tickets are too expensive, try to find a different seating area or downgrade VIP passes. The platform from which you’re buying your tickets will most likely allow you to use the ‘buy now, pay later’ options, so consider using that.
You should also see if you could book your hotel and flight using a travel agent for extra discounts. We understand that seeing your favorite artist on stage is a dream come true. But that’s not an excuse to put yourself through financial troubles if you can’t afford to repay the loan.
