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Loan purpose

4 replies

Serendipitystardust · 02/06/2024 11:48

Hi, I'm in the process of looking at taking out a loan - firstly to pay off about £5k of credit card debt and the remainder for a new kitchen. However I'm not sure which box to tick (no option for dual purpose) for purpose so as to ensure that a) I'm being truthful and b) to maximise the chance of the loan being granted. Does anyone know whether debt consolidation or home improvement would be best? Thanks in advance.

OP posts:
judgementfail · 02/06/2024 12:09

How much is the kitchen compared to the 5k debt? Is it secured or a personal loan?

Serendipitystardust · 02/06/2024 12:12

judgementfail · 02/06/2024 12:09

How much is the kitchen compared to the 5k debt? Is it secured or a personal loan?

Thinking of getting a 20k loan so 15k for the kitchen. It'll be a personal loan rather than secured.

OP posts:
haddockfortea · 02/06/2024 12:13

Home improvements. That's what you are using the bulk of it for.

judgementfail · 02/06/2024 12:24

haddockfortea · 02/06/2024 12:13

Home improvements. That's what you are using the bulk of it for.

Agree with this.

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