Strangest things people take out loans for

Many people take out loans for many different reasons. They apply for a loan to buy a house or a car, to pay for home improvement, to finance their education or a family member’s, or to start or fund a business and so on. And there are several companies that offer loans or online cash advances 

These are examples of people who applied for a personal loan for the most unusual of reasons. 

  • Take the case of one wealthy student who asked funds to be released from her trust fund. When asked why, she wanted to buy off her school and fire all the teachers who were giving her a hard time. What a way to get back at her teachers! We don’t know for sure if her request was given. 
  • Then there was this man who couldn’t fly home and was stuck at Chicago’s O’Hare Airport. The man must be dying to get home because he called his financial advisor to get a personal loan so he could buy his own airplane and fly home. We don’t know how that story ended but we sure hope he eventually got home.   
  • One guy was attending a costume party but it must not have been your run-of-the-mill costume party because he asked for a USD 8,000 personal loan. He wanted to buy a real suit of armor for the party. We wonder what he planned to do with it after the party.   
  • Or consider the story of Steve. Steve had a girlfriend of all of two weeks. The girl told Steve about a dress she wanted to buy but didn’t have money for it so she asked if he could lend her USD 1,000 for the dress. Wanting to give her what she wanted, he took out a personal loan and gave her the money. Not surprisingly, after she got the money, she stopped seeing him and ran off. Poor Steve was left hanging and stuck with a USD 1,000 debt, money that he was not able to use.   
  • There was also a man who wanted to buy a pet. But not any ordinary pet but a python he saw on a pet store window. Unfortunately the reptile had a hefty price tag: USD 12,000. So he took out a loan to add to his money and bought the python. However, when he brought it home, he couldn’t bear watching it feed (he fed it mice). He ended up giving it away. And as far as his loan went, he refused to pay it off, went on default, and had financial trouble. It goes to show what would happen to poor financial decisions.  
  • And there was a man who had a few drug convictions under his belt. His personal loan application came in. His reason for asking the loan: to start a home pharmaceutical business. The financial institution which received his application turned down his request. Whatever the reason for the rejection, it may be because of his previous conviction or his credit score, his intentions were quite dubious. 

Most of the time, financial institutions are open to whatever reason people may have in getting a loan but these stories just take the cake.