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Do banks check what a loan is for?

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  • 18-05-2005 8:54pm
    #1
    Coney Island
    Closed Accounts Posts: 344 ✭✭


    I need to apply for a 17k/18k loan to pay the second rate of a property I am buying in Bulgaria and I was wondering whether banks check what the loan is for?
    I have a pre-approved loan with my bank that would cover that amount, but the rates are not good and would prefer to apply with Tesco (they have very low rates 7.9%), but I am afraid that if I tell them the loan is for a property abroad, they will reject me. Note: I don't own any property in Ireland to assure against.

    Should I lie and tell them I need the money for something else instead? Would they check if I say the truth? What would be a "good way" to spend 17k/18k and own....nothing? I was thinking dentist bill, etc.....

    I am on quite high income (40k+/per year) but I am not sure this would matter.


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    #2
    Nuttzz
    Registered Users Posts: 3,771 ✭✭✭Nuttzz


    No they dont for personal loans, they do for car loans ARAIK (i.e. must be a simi dealer) but half the country has "home improvement" loans...


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    #3
    Coney Island
    Closed Accounts Posts: 344 ✭✭Coney Island


    Thank you ;)


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