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Loan Purpose
I am employed full time and also sells online Amazon/Ebay.
I just got my first credit card couple weeks ago. I really needed it to buy inventories for my online store.
I can't keep up with my orders and I know Christmas demand will be greater, hence I need additional finances, therefore I will be applying for a personal loan. However, no bank wants to lend to someone who sells ebay/amazon plus this would is considered a business loan?
How important is 'purpose of loan' question? Can I apply for a loan and say it is for personal use? or will they need to know exactly what the purpose is for?
I would appreciate your response. Thanks
I just got my first credit card couple weeks ago. I really needed it to buy inventories for my online store.
I can't keep up with my orders and I know Christmas demand will be greater, hence I need additional finances, therefore I will be applying for a personal loan. However, no bank wants to lend to someone who sells ebay/amazon plus this would is considered a business loan?
How important is 'purpose of loan' question? Can I apply for a loan and say it is for personal use? or will they need to know exactly what the purpose is for?
I would appreciate your response. Thanks
0
Comments
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It would be fraud to put a misleading purpose.0
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Pretending that a loan is for personal use when it is really for business use would be fraud, but you'll probably get away with it. Not a risk I would take, though.I used to think that good grammar is important, but now I know that good wine is importanter.0
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Just dont sell at xmas if you cant get the loan.0
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Just say its for a car, no way of them finding out if you actually bought one or not....unless you don't intend on making the re-payments and make yourself bankrupt."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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