Using loan money for changed purpose

Mr_Incredible

opinions4u wrote: »

If you lie about your reason for loan, that's fraud.

If you change your mind after obtaining the loan, it isn't.

As long as you carry on paying them, they won't care.

Even if you later default, the likelihood of being hauled before the beak is somewhere low down the scale of marginally above nil.

Yeah good points

Mr_Incredible

opinions4u wrote: »

Unless it was signed on trade premises (e.g. branch office).

Then there's no obligation to charge no interest.

If there is no overpayment penalty or limit then you would only pay interest on the time that had passed

Apples2

OP - you need to explain this to the multitude of posters who get irate that a consolidation loan also factors current debt, even though the loan is to consolidate.

geoffky

If it is for a house deposit then you are in a different ball game...I hope its not for your sake..

Mr_Incredible

geoffky wrote: »

If it is for a house deposit then you are in a different ball game...I hope its not for your sake..

Its interesting you say that, when I bought my first house the bank created a poersonal loan for me to act as a deposit since I had none, then they also gave me a mortgage based on 90% or whatever.

Oh how times have changed, but no thats not what I'm trying to do