We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Loan purpose advise
I am currently applying for a loan and I was wondering what to say for the pupose of the loan. The loan is going to be used 60/40 60 for consolidation, 40 for home improvement. Now with the loan if I chose consolidation they will only lend me the money for half the time (5) years and therefore more per month where as if I chose home improvement I can have the money for (10 years). I was wondering how they would find out what the money was actually being used for? Would I get into trouble saying the loan was for home improvements to get the lower monthly payment?
0
Comments
-
I was wondering how they would ever find out! We are planning to pay back early. If we got the loan the monthly amount we are currently paying on our debts would be halved as well as getting a new non leaking garage included in the monthly payment! Another quick question. In the outgoingn section it says we need to list credit card repayments now with the loan the amount would be 0 should I put in current figures?0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards