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What can I use the money for?
The range of uses for the money is very wide indeed. Common uses include the purchase of a new car,
a holiday or the repayment (consolidation) of existing debt.
Frequently the lending institution will ask for details of the reason you require the loan.
Although the purpose of the loan may have little impact on their decision to grant the money,
it can have some influence on the maximum term of the loan.
It is more likely that larger sized loans, for purchases such as cars, home improvements etc.
will result in a longer repayment term. It is not uncommon for the purchase of a car to
established with a repayment term of 3 years whilst the term for home improvement loans can
be for much longer terms (sometimes as long as ten years).
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