The Applebees Effect: Weird Reasons People Borrow Money
After last night’s dysfunctional presidential debate, complete with two out-of-touch presidential contenders and one out-of-his-element debate moderator, we can all use a good laugh – at least this one isn’t at our own expense.
Loanry.com, a financial information platform, asked 5,086 US loan brokers and personal bankers “to reveal the strangest reasons they had ever seen on a personal loan application.”
Ten of the weirdest reasons people have asked to take out personal loans are as follows:
- To buy a tiger
- To build a statue of a loved one
- To follow David Hasselhoff on tour around Europe
- To keep an affair secret
- To hire an undisclosed celebrity to be present at the birth of their child
- To build a working replica of a trebuchet (a type of catapult)
- To go missing for a while
- To hire an acting troupe to recreate the Game of Thrones Red Wedding at their own
- To fund a trip to every Applebees in the US
- To get a qualification in taxidermy
That “top 10” alone is a lot to absorb, but if you want more, Loanry’s full list of 20 reasons can be found here. (Okay, getting a full diamond grill mouthpiece makes the list.)
The fact is, more than 20 million Americans actually had personal loan debts in 2019 - more than double the amount of people compared with 2012. Additionally, from 2015-to-2019 the number of people with personal loan debts totaling more than $30,000 had risen by 15%, according to data from Experian.
As for the weird loan applications, Loanry sums it all up best.
“We can’t be certain which, if any, of these applications for loans were successful,” the company states. “However, we encourage everyone to be cautious when taking on debt, to use loans responsibly, and to ensure they pursue every financial avenue available to them to make the right choice.”