Thousands lie to lenders

Money News

www.moneynews.co.uk > Personal loans > Thousands lie to lenders

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Thousands lie to lenders

Honesty is the best policy for borrowers.

This is the advice of personal finance experts following a new survey.

The study found that almost a third of personal loan applicants lie about their reasons for taking out the loan. More than half of those who lied thought that if they told the truth they would not be granted the loan, while 26 per cent thought that it was none of the lenders business. Another 14 per cent were too embarrassed to say why they needed the cash.

Financial expert Nick White was shocked by the findings: "With debt having hit the £1 trillion mark last year in the UK, the population is accustomed to taking out loans and borrowing on credit cards - and as our research shows, a staggering one in three of us stretch the truth when applying for loans," he said

He highlighted cases where consumers had taken out loans to finance plastic surgery. Some customers who were not happy with the results of their operations then refused to pay back the amount.

"Understandably lenders do not want to be put in this position and some now refuse to provide loans for plastic surgery. However, it is frustrating for those consumers who are turned down having told the truth - despite having every intention of repaying the money," he commented.

Related News : Personal loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet