Man in suit with money falling from the sky

Wealthy people and personal loans are like oil and water for how well they go together. At least, it can seem that way from an outsider’s perspective. But the rich rely on credit just like everyone else.

The only difference is that the smart ones do it in a way that protects their finances. Here’s what you can do to borrow like you’re well off.

1. Borrow from Legit Lenders

Rule number one: always borrow from a financial institution you trust. Whether you’re borrowing an online personal loan, mortgage, or auto loan, you should only ever work with legit loan lenders.

Legitimate online loan companies are committed to responsible lending by providing transparent terms and accessibility features to ensure you understand your options. They also invest in appropriate security to ensure your financial information stays safe.

2. Shop Around


Accepting a loan from the first legit lender you find may not be the best decision. You might unknowingly accept rates that are much higher than what’s normally available to you.

Instead, consider rate shopping between several banks, credit unions, and online direct lenders to get a feel for the costs today. From this list, cherry-pick the lender that offers the best rates and conditions.

3. Leverage Your Loyalty

Rich people use their reputation to their advantage, and so should you.

If you decide to borrow from a financial institution where you keep investments or savings, consider leaning on this relationship. Ask if they are willing to give you a better deal for your loyalty.

4. Ask for Advice

Ask for Advice financially

Contrary to the popular phrase “pull yourself up by your bootstraps,” few people become wealthy on their own.

Depending on just how wealthy we’re talking about, they usually have a core counsel they can trust on business decisions. That includes financial advisors who help them make swift investments and sound borrowing choices.

While you don’t need anything so formal, it helps to get another person’s opinion on challenging subjects, like personal loans.

Talk to a friend or family member you trust to give you an honest, informed opinion. You may also find free debt counseling services that help you manage your future loan payments.

5. Borrow for the Right Things

Good vs. bad debt is a long, storied debate. Essentially, you shouldn’t take out personal loans to finance splurge spending. That includes vacations, tech, and cars, to name a few.

This embargo also includes necessities like groceries or utility bills. If you can’t afford these essentials, there’s a bigger problem than borrowing can solve.

By contrast, rich people borrow wisely on items that will help them grow their wealth. Of course, exceptions always exist.


Some rich people are deep in debt and living paycheck to paycheck chasing a certain lifestyle; they take on mortgages, car financing, and credit card debt they can’t afford so that they can have huge mansions, sleek sports cars, and whatever else money can buy.

Beware of making the same mistakes. Instead, focus on how you can borrow to protect your finances. It can look like:

  • Financing a used sedan rather than a brand-new truck that’s quadruple the price.
  • Mortgaging a modest bungalow over a 9-bedroom mansion.
  • Borrowing an online loan to afford an unexpected house repair to protect your investment.

While you may have a totally different lifestyle compared to the country’s wealthiest people, you can follow their borrowing rules. Keep these tips in mind the next time you need to take out a loan online.