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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I lied on a loan application about being in a job months

Resolved Question:

I lied on a loan application about being in a job for 2 months when really 3 days will I end up in jail and get done for fraud?
I applied to a payday lender online for £5,000.
They did not ask for wage slips or proof of income.
I sent them a bank statement for previous month showing i received £260 in benefits last month. They rejected the document because it was a online snapshot then i sent them a bank statement i got from bank for previous week which showed I had £200 in bank account and no sign of any income last week. Then £5,000 popped up in my account within hours.
No phone call nothing, just email confirmation and loan agreement.
At first I applied to nearly 10 other online payday lenders to see quotes. I had no real intention to get a loan just yet was just researching for a few months in advance, i expected to get rejected by all. Some monthly payments were too high. Then this one put the money in my account i didnt even get a chance to think, every thing happened so fast.
Since I work temp jobs as a warehouse operative through different agencies, i do different jobs at different warehouses. Some times 12 hour shifts some times night shifts that have higher pay and some times at different companies with different pay. On loan application I wrote income lowest that I recieve. £6.70 per hour, 37.5 hr week.
But I lied about how long I been working just to see quotes. You have to apply to see qoutes and be in work minimum one month.
I feel like the victim here because I told a white lie online but the payday lender doesnt even do any proper checks regarding income.
It was 4 days ago, today I emailed to say I want to withdraw from loan agreement and give money back. But now I'm thinking I want to keep the money after all.
Its a personal loan but I want to start a online business that I have wanted to do for atleast two years. Got rejected months back for business bank loans.
Will I get done for fraud and end up in jail? For how long? Live in UK.
i read one guy went to jail for 2 years for lying about income for a mortgage.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
What is it you would like to know about this, just about jail etc?
Why did you lie please?
Customer: replied 1 year ago.
Yes I want to know can I get criminal charges for this? & what sentence?I lied because i dont take anything seriously on the internet, I always lie about my real name age etc when making online profiles.I just wanted to get qoutes but to get qoutes you have to apply with full details, address, bank account number etc so their online algorithms can do credit checks and to get a qoute you have to be employed for a month I cant remeber if I selected 1 month or 2 months but in reality I worked 3 days in new job. I thought I'll get qoutes and come back when current employment passes a few months. I was super shocked to find I'd been accepted for a £5K loan. It seemed to good to be true, other payday lenders were offering only £1K and triple the monthly payments.It was an online form and I was'nt taking it seriously, the qoute seemed to good to be true. It asked to submit passport & bank statement I did it just to see their response and I thought they were taking me for a fool and I was 95% certain I would get rejected after they see documents, but I thought why not just send them in. So I send in a 1 month bank statement showing clearly that I was recieving benefit payments. Plus I thought the next stage was sending in wage slips and proof of income (which never happened). The next thing I know I get a text message about 3 hours later saying £5K has been deposited in my bank account!!!Surely the payday lender is at fault for being an idiot and not asking for proof of income or wage slips. Only an idiot would see my bank statement, see I receive £260 in monthly benefits and still give me a £5K loan. And only an idiot payday lender would not even call me discuss a few things before depositing funds.I dont see this any more of a lie than little lies people tell on an everyday basis.Everything happened so fast I didnt stop and think.The £5K is still in my account not spend any.
Expert:  Ash replied 1 year ago.
You can get charged with fraud. You made a representation which turned out to be false. You should NOT take the loan because even if you didnt mean to apply and its a mistake its wrongfully receiving a credit. But I assume you must have applied for the loan because it ended in your account.
Ask them to take it back, they will do at zero cost. Then apply using CORRECT information.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
If I had spent the money which I nearly did what sort of sentence would I be looking at? Would I end up in jail?They have a 14 day return period but charge interest of £6.94 per day.
Expert:  Ash replied 1 year ago.
No you wouldnt up in prison.
Does that help?
Alex
Customer: replied 1 year ago.
Would it have been a fine or community service?Also if I take out a personal loan and use it for business purpose is that fraud or could I get criminal charges for that?
Expert:  Ash replied 1 year ago.
Yes maybe community service. Even if it was prison it would probably be suspended. If the loan was taken for business purposes it is still fraud if you didnt disclose it for that purpose.
Alex
Customer: replied 1 year ago.
I will return the £5K and not tell them why.When I re-apply a few months down the line in the box where it asks loan purpose it doesnt give an option to select 'business' only stuff like 'new car' 'home improvements' etc.If I select loan purpose as 'other' and spend loan on business will I be fine because it didnt give me an option to select 'business'?
Expert:  Ash replied 1 year ago.
Correct.
Alex
Customer: replied 1 year ago.
Also when I next apply in the employment box it gives me options to select like 'employed full time' 'employed part time' 'unemployed' etc. Is it ok to select 'employed -full time' even though I am a temporary worker through an agency and it doesnt give me that option? Or is this fraud aswell?See how easy it is to get done for fraud.
Expert:  Ash replied 1 year ago.
If it is full time then yes, unless they ask what type of contract you have.
Does that help?
Alex
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