Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Purpose of Loan - How does the bank know

Options
  • 14-06-2012 12:37pm
    #1
    dialemma
    Registered Users Posts: 48 ✭


    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

  • Options
    #2
    chris85
    Registered Users 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.


  • Options
    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 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.
Advertisement