Although we strongly suggest that you not take out a loan for frivolous purposes many people haven’t saved enough to make the larger purchases they want. In the run-up to the housing crash, lenders would make loans for almost any purpose. Lenders still require that you tell them what the applicant wanted the loan for. Lenders are used to receiving loan applications for mundane things such as mortgages, home improvements, or a new car purchase but in recent years people have gotten a little more adventurous when it comes to spending their loan money.
Lenders now get requests for loans to fund Health care like plastic surgery, liposuction, and breast implants. The things that people need money for are quite varied. If there is a want, there is probably a loan to make it happen. Some people apply for loans for the craziest reasons. These reasons may be perfectly reasonable to the loan applicants, but they provide a bit of a chuckle for the rest of us.
Unusual loan requests
Naked Knight? One of the stranger reasons for requesting a loan was the need to purchase a real suit of armor. The loan request was for $8,000, so apparently the ordinary costume store variety was not good enough. A suit of armor is clearly not everyday attire nowadays, so one wonders what the potential knight intended to do with it.
Cave Man? Another person requested a loan for $32,000 in order to turn a dark and damp cave into a residence. Maybe that was the cheapest real estate available in the area. At least caves usually have a solid foundation.
Purchasing animals appears to be on the list of strange reasons for loan applications. We are not talking about companion animals or pedigree dogs.
Lawrence of Arabia or Hidalgo? One borrower apparently needed a loan of $24,000 in order to purchase a camel, while another individual requested $16,000 to purchase a black stallion. Another loan applicant thought that purchasing a Bengal tiger was just the ticket.
Kardashian wanna be? One woman needed to get a loan so she could win an online auction to get a date with a well-known football star.
Ace of Cakes? Another individual wanted a loan to leave her mark on the world. This in itself is not unusual, but this particular loan applicant wanted to leave her mark by having the cash to bake the world’s biggest cake.
Mouseketeer? Another applicant, a 40-year-old man from the UK, wanted enough money to fulfill his lifelong dream of going to Disneyland to meet Mickey Mouse.
One wonders how many of these loan applicants were denied a loan.
See Also:
- Free Yourself From Debt
- What’s a No Doc Or Low Doc Home Loan?
- Bad Financial Advice Abounds
- The Wealthy Buy Assets, the Poor Buy Liabilities, and the Middle-Class Buy Liabilities Believing They Are Assets
- Which Type of Loan is Best?
- Credit Scoring On Mortgage Refinancing
- Should I Roll My Mortgage Insurance Premiums Into the Loan?
- Consumer Credit Counseling