In our hectic modern life, unpleasant surprises may attack when you least expect it, leaving you with no choice but to apply for a loan. However, you might have lost your own card just a day before or it might have been blocked for various other reasons. In such cases, it’s only logical to consider getting a loan on somebody else’s card. If you do that without the account holder’s permission, it’s immediately recognized as fraudulent activity and you risk facing criminal charges.
Getting a Loan on Somebody Else’s Card with Their Agreement
You might come to your friend/relative/colleague desperate and hopeful, and ask for a permission to get a loan on their credit card. Depending on your relationship, they might agree, and that’s where serious legal problems can come into play. The first one is hidden in the very concept of using another person’s card because you’re basically pretending to be someone else.
Your lender, whether it’s a company or a private individual, will think that they are making a deal with another person, which is a form of fraud. Furthermore, the person whose card you’re using might simply change their mind. They might become scared of facing legal accusations and having their account closed, and they might report you themselves, regardless of your previous agreement.
There’s also the third danger, such as that you might be unable to maintain your payments and the responsibility for the loan will fall on your friend/relative/colleague’s shoulders. In such case, they might also report you for fraud in the hope to protect themselves. So, does it mean that you’re stuck without having any options? Certainly not.
Legal Ways of Getting a Loan When You Cannot Use Your Own Card
If you have no other choice but to use someone else’s card, you should set up a legal agreement with the account holder. They should apply for the loan themselves and binding you with some form of protections such as:
- direct debit;
- a standing order;
- acting as your guarantor;
- or any other form.
While these options are still risky because if you fail to make the payments, the responsibility will automatically shift to the account holder, they are legal, meaning that you and whoever agreed to help you won’t risk facing criminal charges.
So, yes, it is possible to get a loan on somebody else’s card. But before doing it, you should consider legal options and the repercussions each of them entails.