Loan Question

randomperson94

Hi, I was going through a loan application form and one of the required questions is 'what is the net monthly household income?' I'm currently living with parents, and they are not willing to divulge this information. They already ask for my monthly income, so I don't really see how its relevant? Can I just repeat that figure or am I unable to go through with the application at all?

Thanks

[Deleted User]

I would either repeat your income or preferably, use a lender who doesn't ask that question (which is probably most of them).

DCFC79

randomperson94 wrote: »

Hi, I was going through a loan application form and one of the required questions is 'what is the net monthly household income?' I'm currently living with parents, and they are not willing to divulge this information. They already ask for my monthly income, so I don't really see how its relevant? Can I just repeat that figure or am I unable to go through with the application at all?

Thanks

Is a loan needed ?

fatbelly

They're viewing 'household' in the same way that benefits agencies would do. If you're a single person with no children, the household income is your income

A household means you, your partner (if you have one) and any children you are responsible for and who live with you

.

randomperson94

Thanks for the replies, yes I am single with no children. For background, I'm looking to get a loan to pay off the rest of my car finance and the balloon payment at the end of the term. My confusion here stems from being asked these questions, having already stated my current conditions.

Ben8282

There is nothing confusing or repetitive about this question.
The application form asks for your income and then asks for total household income. If there are no other persons in your household the answer is obviously the same to both questions. Don't quite understand your problem and why you imagine that you should be unable to proceed with the application.

Craig1981

as fatbelly has said - household in this situation refers to your "household" - your spouse/partner and dependants. your parents are their own household

Craig1981

Ben8282 wrote: »

There is nothing confusing or repetitive about this question.
The application form asks for your income and then asks for total household income. If there are no other persons in your household the answer is obviously the same to both questions. Don't quite understand your problem and why you imagine that you should be unable to proceed with the application.

the confusion, like many, comes form the fact other people live at the house/property. nothing obvious about it if you young and unsure - reason why people ask questions on the forums

stripeyfox

Ben8282 wrote: »

There is nothing confusing or repetitive about this question.
The application form asks for your income and then asks for total household income. If there are no other persons in your household the answer is obviously the same to both questions. Don't quite understand your problem and why you imagine that you should be unable to proceed with the application.

I think there is enough ambiguity in the question on the application to warrant the OP asking here for clarification. To someone unfamiliar with these things, the question is apparently asking for "household income". The OP's household includes him and his parents, so it is not entirely unreasonable to take that as read and think it may be asking for total household income.

Sorry but your reply comes across as being a bit snarky

randomperson94

Thank you for your help and clarification, much appreciated