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Purpose of Loan - How does the bank know

  • 14-06-2012 11:37am
    #1
    dialemma
    Registered Users, Registered Users 2 Posts: 49 ✭


    Hi - first time posting here. Just wondering I plan to apply for a loan to consolidate some existing debt. It would suit me to repay over a slightly longer period, which I can do if I say that loan is for home improvements rather than for consolidation. My question is how do the bank know what I use the loan for?


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    dialemma wrote: »
    Hi - first time posting here. Just wondering I plan to apply for a loan to consolidate some existing debt. It would suit me to repay over a slightly longer period, which I can do if I say that loan is for home improvements rather than for consolidation. My question is how do the bank know what I use the loan for?

    If people say car, they may say apply for motor loan which is same thing but different rate, unless secured which is an entirely different thing.

    The bank will see other loans you have on the ICB (assuming other debts you have are with ICB members) so may look better you consolidating than just adding to your existing level of debt.


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Asking for advice on providing false info on loan applications is not allowed on this forum. Please read the Charter thread at the top of the forum, it contains the posting rules.

    Thread locked.


This discussion has been closed.
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