I used to actively trade debt on LendingClub.com and it was interesting to see what people wanted to borrow money for.
The most common one was credit card consolidation. These were people who, ideally, were looking to reduce their debt by paying off high interest credit cards with a lower interest loan. It works well if they have the discipline to not use the credit cards afterwards.
Business loans, car loans, and medical bills were also common reasons for borrowing money, but they were way behind debt consolidation.
It was rare, but I did see wedding loans pop up occasionally. I wouldn't touch that with a ten foot pole. Spending your house down-payment on a party is maddness. Borrowing money for it is even worse.
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but what if it were a really good party 😂
Every one loves a good party, but that doesn't make it a good credit risk.
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