what is the best institution to get a loan from at the moment or does it depend with your history with that bank?
am looking to get out a loan for some home improvements and other items. Do bnks look for receipts for items purchased as don't plan to use full amount of loan approved on same?
I never heard of bank looking for receipts. A credit union may ask though, all the CU's vary. Mine asked me for the invoice from the garage when I got a car loan.
the banks are entitled to know what you spent the money on under the Consumer Credit Act and can request documentation. If you use it for a different purpose they can seek full repayment of the debt outstanding.
I never heard of bank looking for receipts. A credit union may ask though, all the CU's vary. Mine asked me for the invoice from the garage when I got a car loan.
Yes they did! The loan was at a special interest rate of 6.99% though which they were giving out as a special car loan rate so they wanted the invoice to show it had been spent on a car.
Ive never heard of that ! Maybe it was because you were getting the special loan rate - lucky you werent buying the car from a bloke down the pub , doubt he'd issue receipts !
Not unusual with Credit Unions. I have seen that in a couple of places. They have a specific lower rate for borrowers buying a car but they require evidence it is for a car before they release it.