0
Yes, it is. At least it is attempted fraud. It is both a civil wrong (a tort) and a criminal wrong. Fraud occurs when a person makes false statements to another, knowing they are false, intending that person to rely upon the statements to obtain something he is not otherwise entitled to and the person takes some action to his detriment relying on those statements. Lying about income is making a false statement, knowing it to be false. The application is used to convince the bank to give the loan and by submitting it, the person intends that the bank will give the loan in reliance on false information. If the bank turns the loan down, there is no damage to the bank and the applicant has not obtained anything, so there is no completed fraud. But attempted fraud is still a crime. If the bank lends the money and it cannot be repaid, the borrower is liable to the bank for its damages under the tort and will face jail and/or fines for the crime.
Still curious? Ask our experts.
Chat with our AI personalities
Lao
Rene
ProfessorAdd your answer:
Earn +20 pts
What documents are required for a personal loan application?
The documents required for a personal loan application typically include proof of identity, proof of income, bank statements, and information about any existing debts.
How can I apply for a my cash payday loan?
To apply for a my cash payday loan, you typically need to fill out an online application on the lender's website. You will need to provide personal information, such as your income and banking details. The lender will then review your application and determine if you qualify for the loan.
What is the process for submitting a new loan application?
To submit a new loan application, you typically need to gather required documents such as identification, income verification, and credit history. Then, you fill out an application form with your personal and financial information. Finally, you submit the completed application to the lender for review and approval.
How can I make a personal loan?
To make a personal loan, you can approach a bank or credit union and apply for a loan. You will need to provide information about your income, credit history, and the purpose of the loan. The lender will review your application and determine if you qualify for the loan. If approved, you will receive the funds and will need to repay the loan according to the terms agreed upon.
Can a person at age 77 get a personal loan from Scotia Bank?
It is possible for a person at age 77 to qualify for a personal loan from Scotia Bank, as eligibility criteria can vary. Factors such as credit history, income, and debt-to-income ratio will be taken into consideration during the loan application process. It is recommended to contact Scotia Bank directly to inquire about specific requirements for personal loans.
What does one need to get approved for a home lender loan?
To get approved for a home lender loan you need to do the following things: fill out an application for the loan with valid and honest personal information, have a stable income, and a solid credit history.
Do I have to pay taxes on a personal loan?
No, you do not have to pay taxes on a personal loan because it is not considered taxable income.
Bank of the Philippine Islands personal loan application?
personal finance
How can a personal loan be obtained at the Citibank?
One can obtain a personal loan from the Citi Bank by filling out the loan application form. It will take at least a week or two for the Citi Bank to review the application.
You want to write personal loan application?
YES
How can I hire a cosigner for a personal loan?
To hire a cosigner for a personal loan, you need to find someone with good credit and a stable income who is willing to guarantee the loan if you are unable to repay it. This person will need to fill out an application with you and provide their financial information to the lender. It's important to choose a cosigner carefully, as they will be responsible for the loan if you default.
How can I obtain a personal loan?
To obtain a personal loan, you can apply through a bank, credit union, or online lender. You will need to provide information about your income, credit history, and other financial details. The lender will review your application and determine if you qualify for the loan. If approved, you will receive the funds and will need to repay the loan according to the terms agreed upon.
