Applying For Uk Personal Loans What You Should Never Do

Applying For UK Personal Loans - What you​ Should Never Do
Little white lies are harmless,​ right? Not when they are listed on​ your loan application .​
Lies on​ your loan application are definitely not harmless and,​ in​ fact,​ can be detrimental to​ your chances of​ obtaining credit .​
Different people have different reasons for lying on​ their loan applications .​
Some people want to​ hide a​ bad credit history while others do not want to​ reveal personal information .​
Still,​ regardless of​ the​ reasons,​ being a​ loan liar is​ not a​ good practice .​
It can hurt you​ and undermine your chances of​ getting a​ loan .​
Unfortunately,​ loan lying is​ fairly common in​ Britain.
Who are the​ Loan Liars?
Loan liars come from all walks of​ life .​
Men between the​ ages of​ 26 and 40 make up two thirds of​ those who lie on​ their loan applications for secured loans,​ insurance and credit cards .​
Of these men,​ approximately 64 percent of​ them lie to​ hide a​ poor credit history .​
By contrast,​ 77 percent of​ women lie on​ their loan applications to​ hide a​ poor credit history .​
Of this number,​ 17 percent use an​ alias .​
Of all the​ loan liars,​ 10 percent admit to​ using false documents to​ support their false claims on​ loan applications .​
Also,​ 9 percent of​ men and 7 percent of​ women lie about their status of​ employment or​ salary.
Why should you​ NOT be a​ Loan Liar
Of course,​ the​ number one reason to​ NOT be a​ loan liar is​ because it​ is​ illegal .​
Some people don't care one whit,​ however,​ about legalities .​
That is​ OK,​ though,​ because there are other equally compelling reasons .​
Consider why you​ want to​ get a​ loan in​ the​ first place: to​ get approved for credit or​ to​ get approved for a​ higher amount of​ credit .​
You could be digging yourself into a​ deeper hole .​
Suppose you​ do get that credit or​ higher limit,​ now what? How will you​ make your payments and what do you​ have at​ stake that you​ could lose? If you​ lied to​ obtain a​ mortgage,​ you​ could lose your home .​
Think about it​ and consider the​ ramifications before telling that tale.
What Impact do Loan Liars have on​ Overall Debt?
Loan liars play a​ large part in​ incurring overall debt,​ meaning loans that are not repaid .​
Large overall debt contributes to​ higher interest rates for everyone .​
If you​ are a​ part of​ the​ problem by contributing to​ the​ overall debt,​ you​ are part of​ the​ reason that interest rates increase .​
Do you​ want to​ be a​ part of​ the​ problem or​ a​ part of​ the​ solution? It is​ up to​ you.
How do you​ get caught?
More and more companies are catching loan liars before they can do any real damage .​
How do they do it? Lenders are working together and sharing information with each other and this is​ making it​ much easier to​ catch loan liars .​
They are using loan data sharing services that catch the​ loan liars before they are accepted.
Bottom line,​ it​ is​ just not a​ good idea to​ lie on​ a​ loan .​
If you​ do get away with it,​ you​ will likely not be able to​ afford it .​
If you​ don't get away with it,​ you​ could face legal problems .​
It is​ a​ no win situation .​
Play it​ safe and just tell the​ truth.
Applying For Uk Personal Loans What You Should Never Do Applying For Uk Personal Loans What You Should Never Do Reviewed by Henda Yesti on August 04, 2018 Rating: 5

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