The Reason to borrow money?

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infocal

Guest
I would like to borrow 25,000, Is it possible to use a FAKE reason?
does the bank really care the way to use the money?

Any idea? which reason should I use? will they invest that? Is it difficult to get?

its my first time, please advice!
 
Usually no need at all to give a fake reason.

People get loans for anything from upgrading a car, going on a holiday, medical expenses, bying a musical instrument.... pretty much anything goes! As long as you show an ability to repay the bank really don't care what it's for, just that you can pay it. (giving a really stupid reason for a loan ["I want to watch €2000 of €20 notes burn"... ] may make them question it a little more than usual)
 
Satanta said:
Usually no need at all to give a fake reason.

People get loans for anything from upgrading a car, going on a holiday, medical expenses, bying a musical instrument.... pretty much anything goes! As long as you show an ability to repay the bank really don't care what it's for, just that you can pay it. (giving a really stupid reason for a loan ["I want to watch €2000 of €20 notes burn"... ] may make them question it a little more than usual)
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give me few examples for a 'stupid' reason plz!
 
infocal said:
give me few examples for a 'stupid' reason plz!
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If someone asked me for a loan to burn the money I'd suggest they seek medical help, I'd hope my bank manager would do the same if I made the request to him (using the example already given above - can't see any reasons for me to provide suggestions of what I, and it would only be my personal opinion, consider a "stupid" idea).

If you need money for a reason, chances are it'll be an acceptable reason.

If your that scared of the real reason, I can't possibly understand why you would be - but that's another matter, just say it's a holiday.
The bank have no conditions to require you to go on a holiday, prove you intend going on a holiday or even have a destination picked.

You will be asked what the funds are for, and possibly have a friendly clerk ask where your going/who your going with/etc. out of nothing more than being nice.
 
Putting it on 3:35 at Aintree.
Need to fund my coke habit.
Investing it in a pyramid scheme.
And so on.
 
Satanta said:
If someone asked me for a loan to burn the money I'd suggest they seek medical help, I'd hope my bank manager would do the same if I made the request to him (using the example already given above - can't see any reasons for me to provide suggestions of what I, and it would only be my personal opinion, consider a "stupid" idea).

If you need money for a reason, chances are it'll be an acceptable reason.

If your that scared of the real reason, I can't possibly understand why you would be - but that's another matter, just say it's a holiday.
The bank have no conditions to require you to go on a holiday, prove you intend going on a holiday or even have a destination picked.

You will be asked what the funds are for, and possibly have a friendly clerk ask where your going/who your going with/etc. out of nothing more than being nice.
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thanks for your advice, First, i dont want to cheat, but the real reason is to invest foreign property. it wont be accepted. thats why I have to cheat. any more advice?
 
infocal said:
thats why I have to cheat. any more advice?
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Personally, I wouldn't see it as cheating. It's a personal loan for personal reasons. It, legally, has nothing to do with what you spend it on.

Lots of people get loans for a foreign holiday (larger loan, possible to say you're bringing the whole family etc. - the loan is based on your ability to repay, not on the use). Should you then decide (due to any unforeseen reasons e.g. illness) you can't go, the agreement for the money is still in place. As mentioned, no legal agreement that the money is for the holiday, the agreement is that you pay it back in a specific time with certain conditions. What you then decide to spend it on is your call, with no need to ever tell the bank should the initial details of the loan application change.

(Technically, you could be using the loan for personal expenses as, due to you using normal household income for an investment, you're left tight... if guilt may be an issue)

[Paying personal unsecured rates on loans for property investments may not help in trying to maximise investment profit]
 
Satanta said:
[Paying personal unsecured rates on loans for property investments may not help in trying to maximise investments]
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BANK OF SCOTLAND PERSONAL LOAN.

Monthly RepaymentLoan AmountNumber of Monthly PaymentsLevel of CreditCare coverAPR


I earn around 2100 in cash each month, seem its not difficult to pay only 500 per month. Just afraid the bank wont lend money to me..........

.................
 
infocal said:
I would like to borrow 25,000, Is it possible to use a FAKE reason?
does the bank really care the way to use the money?

Any idea? which reason should I use? will they invest that? Is it difficult to get?
Click to expand...
Given that you're going to lie to the bank about your reasons, I presume you don't object if they lie to you about the interest rate charged or the terms & conditions etc?
 
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