We're trying to add more specific loan purpose or use of funds questions to our consumer credit application. "Personal expenses" isn't terribly informative and there could be a hidden HMDA loan if the loan is to be secured by a dwelling. One very common purpose we hear from our applicants are loans to cover medical or dental expenses. Is there a problem with adding this to our "drop down" list of choices for loan purposes or is there some prohibition?
Previous Thread
Index