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Because the poster said they took out a $150,000 loan for a wedding. If they borrowed it against an asset, fine...but no bank is going to approve a loan for th
by brightball 7y ago
Because the poster said they took out a $150,000 loan for a wedding.
If they borrowed it against an asset, fine...but no bank is going to approve a loan for that amount for “a wedding”.
The main point I was getting at was that the scenario isn’t likely to be a pattern among people.
- pwinnski 7y agoIf I took out a home equity loan in order to do X, I would say that I borrowed money for X, not that I borrowed money for X using a home equity loan. Taking out a $150,000 loan for a wedding describes the purpose of the loan, not the collateral.