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Hello i got a loan from a bank while i was unemployed is this legal? I did let them know i was unemployed at the time. i have a contract with this bank is it binding, knowing they new i was unemployed.

michael007 Fri 02/05/08 13:23

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Ethel
Fri 02/05/08
13:30

Yes it is binding - why do you imagine it isn't?

michael007
Fri 02/05/08
13:31

Question Author

So why did they ask if i was employed ?

sandmaster
Fri 02/05/08
13:57

The bank needs to know your circumstances. But at the end of the day if they decide you are a good risk based on what you have said,and you have told the truth, and they agree to lend, there is no problem. But I hope you didn't take out the loan repayment insurance - much of the premium is to cover you should you lose your job. If the bank did sell it to you knowing you are unemployed they could be accused of misselling.

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