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Personal loan advice

mumbot22
mumbot22 Posts: 19 Forumite
in Loans
If I take out a personal loan for say home improvements, but I use the money for another purpose, are their any legal implications. Is it fraud or could I just say that I changed my mind and didnt want a new car so I spent it on something else instead?

Comments

  • Apples2
    Apples2 Posts: 6,442 Forumite
    Why don't you just tell them what you want it for?
  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Apples2 wrote: »
    Why don't you just tell them what you want it for?

    But then the lender could get rejected apples,
  • Apples2
    Apples2 Posts: 6,442 Forumite
    DCFC79 wrote: »
    But then the lender could get rejected apples,
    More chance of the borrower getting rejected than the lender :j:beer::j
  • Bravehearted_2
    Bravehearted_2 Posts: 669 Forumite
    Oh, I know this one - boobjob.

    Lying to get funds is the definition of fraud isnt it?
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Porkies always find you out too...saying that, big jubblies are ftw
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    mumbot22 wrote: »
    If I take out a personal loan for say home improvements, but I use the money for another purpose, are their any legal implications. Is it fraud or could I just say that I changed my mind and didnt want a new car so I spent it on something else instead?

    The banks wouldnt give a monkies ar*e How the money was spent Aslong As you were paying them back.
  • blacksta
    blacksta Posts: 919 Forumite
    It is one of those grey areas. The real question remains " can you afford to pay the loan back "
    I owe £3233 @ 0%
  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Apples2 wrote: »
    More chance of the borrower getting rejected than the lender :j:beer::j

    I meant the borrower lol
This discussion has been closed.
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