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...
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