Funniest Reasons People Have Applied for a Personal Loan

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While at NOW FINANCE we only allow personal loans for specific uses, finance brokers and loan advisors are often exposed to a variety of wild and wonderful reasons why people require a loan.

We’ve looked around online to find the funniest and most ludicrous reasons why people have applied for personal loans in the past, and have featured the best below.

“I Want to Buy an Aeroplane so I Can Fly Home”

Being stranded in an airport is one of the most frustrating things that can happen to us. Plane delays or bad weather means that at some point in our lives we will spend longer than we really want to in an airport, but most of us deal with it by burying our head in a good book, heading to the bar, or even checking into a local hotel if the delay is that severe.

None of these options were appealing to one gentleman stuck at Chicago O’Hare airport. Angry because the airline refused to fly due to runway and weather conditions owing to an on-going snowstorm, this particular individual called his financial advisor demanding a loan. The reason? He wanted the money to buy an aeroplane so he could fly home himself!

“I Want to Start a Home Pharmaceuticals Business”

A “home pharmaceuticals business” is the type of phrase that will always pique interest, albeit not necessarily for the right reasons!

In one particular case, an individual with two previous drug related convictions applied for a personal loan for this very reason. The application was rejected hands down, although we were unable to discover whether the person was rejected because of their credit score or  due to their previous criminal activities.

“I Want to Buy a School and Fire the Teachers”

If you have issues with a school or college, there are a vast number of actions you can decide to take. If you’re the parent of a child at a school you might look into your options for moving them, while if you’re a student and you’re unhappy with a specific teacher, college, or university, likewise you might want to look at whether you’d be happier elsewhere.

That isn’t what one particular student once decided, however. Being from a wealthy family, this particular student requested a loan from her trust fund, so she could buy the school and fire the teachers who were “ganging up on her.” A novel reason to say the least, but not a course of action that succeeded on this occasion!

 “I Want to Buy a Pet”

Although we offer veterinary loans at NOW FINANCE to help those who struggle to cover the ever growing costs of paying for their pets’ medical bills, what we don’t offer is finance to help people get the pet in the first place. We’re unsure if any people ever come to our website looking for a pet loan, but if they did they would be disappointed!

The one notable story we found related to an individual who had tried to take out a loan for a pet parrot, though with the price of some pets these days we’re almost 100% sure this happens on a fairly regular basis!

One similar example was of a guy who owned pet monkeys, but wanted a loan to buy them their own place because they made his house smell! When we say “their own place” we don’t just mean a shed or enclosure within his own property, we mean an actual house or flat of their own!

What Funny or Ludicrous Loan Reasons Have You Heard?

Get in touch with us via our Facebook page to tell us about the funny and ludicrous loan reasons you’ve heard about yourself. Maybe you have your own funny or ludicrous reason for wanting a loan, but you know it will never be fulfilled! If you could get a personal loan for any reason at all, what would you take out a loan for?

If you’re looking for a personal loan for a more sensible and genuine reason, you can check out all our personal loan options here, or get your interest rate before applying via our 10-minute online or telephone application.

Disclaimer:  This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.

Things you should know

Applications for finance are subject to NOW FINANCE’s lending and approval criteria. Terms, conditions, fees and charges may apply. For example, there is usually an establishment fee and a monthly administration fee applicable. Settlement times may vary depending on individual circumstances. Loan repayment terms range between 18 months to 7 years.

No Fee Personal Loan: No fees apply only to approved applicants for loan amounts between $5,000 to $15,000. Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Interest rates range from 6.95% p.a. (6.95% p.a. comparison rate) to 17.95% p.a. (17.95% p.a. comparison rate). See below for information on comparison rates.

Unsecured and Secured Personal Loans: Unsecured interest rates start from 6.95% p.a. (8.56% p.a. comparison rate) to 17.95% p.a. (19.51% p.a. comparison rate). Secured interest rates start from 5.95% p.a. (7.60% p.a. comparison rate) to 15.45% p.a. (17.07% p.a. comparison rate). See below for information on comparison rates.

*About Comparison Rates

The Comparison Rate is designed to help you understand the overall cost of the personal loan. It combines the amount of the loan, loan term, repayment frequency, interest rate, fees and charges into a single rate to show the total true cost of the loan. The comparison rates for the NOW FINANCE no fee personal loans are based on a loan of $10,000 over 3 years. The comparison rates for the NOW FINANCE unsecured and secured personal loans are based on a loan of $30,000 over 5 years. WARNING: The comparison rates given are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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