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Get Out of Debt

Lies and Excuses All Lenders are Familiar With

Lending money to others is not the most ideal business to be in.

Debtors will find any excuse to either borrow more than they can repay, or to never repay at all. Experienced moneylenders have been in the business long enough to know the crazy excuses many debtors use.

Most ignore the lies when they are lending money. But no excuse is acceptable when the money has to be repaid. Here is a list of some of the most common lies and excuses debtors often give to moneylenders:

I’m Getting a Promotion Soon

Personal loans are mostly provided on the basis of current income. Moneylenders usually impose a limit on how much you can borrow depending on how much you earns. So, when people try to borrow money, they tend to exaggerate their income level to qualify for a bigger loan. Moneylenders are, of course, detail oriented. When subsequent background checks reveal that the potential borrower, in fact, earns less than claimed, the excuses break loose. The most common excuse given when asking for a big loan is that the borrower will soon get a promotion at work. Therefore, he or she will be able to afford a loan that cannot be paid with the current income. No moneylender is stupid enough to fall for this.

I Will Repay When I Get My Paycheck

Giving a loan is easy; getting it back is not so easy. The most common excuse given for not repaying a loan on time is that the borrower will certainly pay up when the next paycheck arrives. And then the next month, the same excuse. On and on it goes. If the debtor if to be believed, the employer never transfers the paycheck on time. Well, this excuse does not work with serious moneylenders.

So Sorry, I’m Dead

As outlandish as it sounds, some debtors claim to be dead when the collectors come knocking. Usually, someone using the same phone number as the debtor claims that the debtor, who originally used the phone, is now dead. Who can collect money from dead people?

I Got Into a Terrible Accident

One of the oft heard excuses for wanting to borrow money, and not pay it back is the accident. Some borrowers justify wanting to get personal loans claiming they have had a horrible accident and need money right away to pay medical bills. Then, the same excuse can be heard several weeks later for not repaying the loan. Moneylenders are very used to hearing messages like this: “I’m in the ER right now. My leg snapped in two/ spleen exploded/ spine cracked, etc.”

My Aunt/Uncle/Grandparent Died

Some debtors use the same excuses that they did with schoolteachers and employers with moneylenders as well. It’s not uncommon to hear of an unfortunate, but well timed, family death making the debtor unavailable for a significant period of time.

If you need to borrow money, do not use the above excuses. Moneylenders know them very well. Also, if you are unable to repay a loan, don’t use a lame excuse like one of the above mentioned ones. Just be honest so things don’t get worse.

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Erin Thompson

Erin Thompson spent years managing her own blog about budgeting and debt. Because of that, she has great insights not only about managing spending and borrowing but also about running websites profitably. When she's not writing articles for us, she's traveling and looking for new types of wines to try.
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