Gold bars, Glass Eyes and Star Wars: Bizarre Reasons for Personal Loans Revealed

Hey Skint pals,

Just back in the UK after a great holiday in Portugal with friends and family. We did that renting a big villa thing and splitting the costs – much cheaper than going as a small family. And despite the torrential rain on landing in the UK, it’s still good to be home.

Still, things are a bit tight money-wise chez Skint post-holiday, so I’ll be economising over the next month or two. I’ve been wondered though: when you’re strapped for cash, do you spend less or borrow more? I’m firmly in the spend less camp, but I read a survey this week from a personal loans firm which revealed some very bizarre reasons that customers give when requesting finance.

See, apparently not everybody who asks for a loan needs money to pay for a new car or holiday. Explanations given to the company included funding an investment in gold bullion, a new tattoo, and paying bail money! Needless to say, not all of the personal  loans requests were approved. . . 

personal loans astronaut

Take out a loan to build a rocket? Beats paying off the mortgage for stories to tell the grandkids I suppose . . .

Top strange reasons for requesting a

personal loan:

  •             Buying a gold bar
  •             Buying a collection of antique glass eyes
  •             To fund production of home-made rocket (how much does that cost?)
  •             Paying a taxidermist to stuff a pet
  •             To open wallet and impress a new girlfriend
  •             Buingy the latest Star Wars memorabilia as a future investment
  •             To pay bankruptcy court fees
  •             To pay for a new tattoo
  •             To loan to a friend at a higher interest rate (this one really tickled me. Some friend, eh?)

I think the Star Wars enthusiast might have the right idea though. Have you seen how much some of those old figures go for? Most loan requests though are still for more down-to-earth needs such as household bills and car loans. The most popular reasons for requesting a loan are:

  • Rent or Mortgage arrears
  • Bills
  • Credit card debt
  • Car loan
  • Significant household purchase
All of which seem way more sensible to me than the glass eye collection but you know, whatever floats your boat. If you are thinking of taking out a loan though please be wary of those payday loans firms. Trusty Martin Lewis’s loans fact page, updated daily, is a good place to start when researching who to borrow money from. This Money Advice Centre also has this to say
What about you – would you gaily borrow to get your pet cat stuffed (how much does taxidermy cost anyway?) or would you, like me,  do just about anything to avoid borrowing cash? 
Skint xx
Photo credit:

About Skint in the City

Skint in the City provides stylish, practical tips and advice on how to live the high life on a shoestring budget.

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