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Has anyone ever put something up for collateral that they didn't actually have?

Like a tv or computer or something? Have you every made up something to tel la company so that you could get a loan? Yes i know its wrong and illegal, but has anyone ever done it? And did you get caught, and what happened? Be honest, if you don't want people to see your name check annonymous.

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Asked by Anonymous at 4:36 PM on Oct. 14, 2008 in Money & Work

Answers (4)
  • isn't that fraud???

    Answer by Anonymous at 4:37 PM on Oct. 14, 2008

  • Honestly, if it's a personal loan, unless you default they would never know, and if you do default, they will come after you for cash, not your tv

    Answer by Anonymous at 4:38 PM on Oct. 14, 2008

  • NO! But I've never gotten a loan or anything where I needed collateral. I wouldn't though. They wouldn't come after your TV that's true but it's still fraud which carries jail time if they would find out.

    Answer by SabrinaMBowen at 4:41 PM on Oct. 14, 2008

  • You know what I can tell you if you do get caught it's froud or maybe dealing in stolen property!!!! there are laws to that affect.

    Answer by Anonymous at 6:50 PM on Oct. 14, 2008

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