Question re loan application

NotRichAtAll

I am looking at doing my daughter in law a huge favour and applying for a 10k loan for her. Will the purpose of the loan have any bearing on the actual outcome? In real it's to help her with funding for uni, would i be better off saying this or maybe say its for a new car?

cheers

Paul_DNAP

You must absolutely not lie on a loan application - this would be criminal fraud.

foxy-stoat

You should be putting down the truth rather than lie on an application form to obtain money from banks.

foxy-stoat

Paul_DNAP wrote: »

You must absolutely not lie on a loan application - this would be criminal fraud.

As apposed to non-criminal fraud.

Paul_DNAP

foxy-stoat wrote: »

As apposed to non-criminal fraud.

Well, maybe it could be dealt with as a civil matter between borrower and the lender, but I think it's more likely to be the state authorities that prosecute, so yes, criminal rather than civil.

MEM62

£10K is a very generous gift. Perhaps you do not live up to your user ID :-)

Lying on the application would not be advisable.

NotRichAtAll

10k is not a gift am helping them out. My son and daughter in law have just purchased their 1st house they are both young (23) he works in london, his travelling alone is 7k per yr so they are a bit stuck for cash at the moment and unable to raise it themselves.
So i apply for the loan in my name, monthly payments met by them.

ciderboy2009

If they are struggling for cash at the moment then are they going to be able to afford to pay you back each month?

Presumably you can afford to pay it without any problems if they find they can't?

Please don't take this the wrong way - it's just that there are plenty of threads on here where people have taken out loans for friends/family where things have gone wrong.

zippygeorgeandben

What? Wait.. ER what again? They've just purchased a house but now they don't have any money?
Like the other poster has said, what happens if they can't afford to pay you?
A new sofa here, a renovated bathroom there...

NotRichAtAll

they don't have any money?

did i say that?

Presumably you can afford to pay it without any problems if they find they can't?

yes

are they going to be able to afford to pay you back each month?

yes

thanks for the replies but we seem to getting away from my original question, i appreciate everyone's concern. my son and dil have money, they are young and starting out what they do not have is 10k sitting round in a slush fund.

lewishardwick

Money and family never, ever mix well.