Do Banks And Lenders Check What You Spend Your Loan On?

Do Banks and Lenders Check What You Spend Your Loan On?


This depends on your type of loan. For most unsecured loans and secured personal loans you can use it for absolutely anything. However, the lender in the bank will usually check your past financial history and bank statements to make sure you have a responsible way of approaching finance, positive cash flow, and the ability to repay the loan as you agreed.

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.