home > Loans >

Loans: Not Just For The Sensible Things In Life?

2010-05-01 02:48

Brits are generally seen as having a stiff upper lip and are perhaps generally thought of as being a tad on the boring side. However, sometimes something happens to remind everyone that the UK has its fare share of eccentrics - not least of all when it comes to reasons for taking out a personal loan.

Debt consolidation is the most common reason for anyone taking out a loan, as it allows you to put all your debts, such as credit cards, store cards and other loans into one place and to make just one monthly repayment.

Home improvement is next on the list. Many people have made improvements to their home in order to add value to the property, make it easier to sell on, or simply to make it a nicer place to live.

Buying a car can also be an expensive venture, and not everyone can afford to just turn up at a garage and pay cash outright for the car of their dreams; more often than not a car is bought on finance, either through a loan or a hire-purchase agreement.

For most people, travelling the world is another dream, but one in which few have the money to do so, which is where a loan often comes in. For winter sun and summer fun, a lot of people have to borrow the money and then spend the rest of the year paying it back.

For couples, the perfect wedding day doesn't come cheap once dresses, suits, venues, flowers, honeymoon, catering and the wedding cake are all taken into account. This is why getting married is the next most popular reason for taking out a loan.

However, while these reasons are all quite boring and uninspiring, you might be surprised to learn some of the less traditional purposes for taking out a . A survey by Lloyds TSB several years ago found a whole host of bizarre reasons provided by their loan applicants.

For example, one loan applicant cited their reason for needing funds was to build a robot to enter into the TV show Robot Wars. Other amusing reasons include the 40 year old man who wanted to borrow money in order to see Mickey Mouse in America, and another who wanted to buy a Bengal tiger.

The reasons given didn't stop there, however, and other bizarre reasons for taking out loans include the woman who asked for a loan so that she could get her teeth fixed before her wedding day, while another wanted the money to bid online for a date with a famous footballer. Another wanted to bid for a dress that had once belonged to a member of the Spice Girls. Stranger still was the person who wanted a loan in order to buy the ingredients needed to bake the largest cake in the world, and the person who wanted to put a deposit down to make the waiting list for cryogenic freezing.

This all goes to show that there are much more interesting reasons behind taking out a loan than you might think. But, whatever reason you might have for applying for a loan, the experts recommend that you shop around and compare interest rates to find the best deal, so that you don't end up paying over the odds for that trip to Disney Land or your Bengal tiger.

Isla Campbell writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.

related articles

Copyright © 2019-2020 finance, all rights reserved