Debt is a part of nearly everyone’s financial life. There are not many people who never have to borrow money. Mortgages and car loans are extremely common, but sometimes you may find yourself in a situation where you need money for another purpose. One way to get that money is by taking out a personal loan.

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Here are 10 key questions to ask before you take out a personal loan.

There may be a one-word answer to this question, but you should go deeper than that. Ask yourself whether the loan makes fiscal sense. If you’re looking for a personal loan to pay off higher-interest debt, it may make sense, but only if you don’t go back and rack up more debt (e.g., with credit cards).

If you want the money to pay for a fancy vacation, you may want to consider whether that’s worth going into debt for or whether you are better off saving up the money and going away when you can afford to pay for your holiday in cash.

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When considering how much money you’ll need, be sure to include any closing fees or other charges associated with the loan. And remember that the less you borrow, the less interest you’ll pay, so try to get away with borrowing as little as possible.

When a lender is evaluating your loan application, they’ll look at your credit history and your debt-to-income ratio — that is, how much you owe relative to how much you earn. They’ll also look at whether you are maxing out your credit cards and other available credit, and this is where it gets tricky.

If you are using all the credit currently available to you, lenders may not want to extend you more credit. So try to apply for that personal loan before you’ve maxed out all your other options.

This may be the most important question you can ask. Take a good, hard look at your budget and make sure you will be able to make your loan payments on time. Remember that you could face an unexpected expense or financial emergency, but your lender will still want to get paid. So make sure you still have a little wiggle room in your budget before you commit to a personal loan.

Your loan documents should state the number of payments you are required to make and when they will end. Be sure to factor the payments into your budget and ensure that you can continue making them for the life of the loan.