Many folks try to take the sting out of sending their friends money by adding funny transaction descriptions on Venmo or PayPal. However, one mortgage advisor is warning people to nix the jokes altogether.
On TikTok, mortgage advisor Kylie-Ann Gatecliffe, a.k.a. @kagfinancialmortgages, shared a video informing hopeful buyers why they should avoid this mistake.
While friends may chuckle about a transcription jokingly described as “money for drugs,” lenders won’t find it quite as comical.
Mortgage lenders comb financial histories to decide whether or not to approve a loan.
While “drug money” is a pretty obvious gag to spot, it’s “probably not the best thing to use,” Gatecliffe warns.
In fact, the “drug money” description is “actually tame compared to what we see,” Gatecliffe continues.
When mortgage lenders stumble onto salacious, sarcastic and sensational transaction descriptions, they begin to ask questions.
Borrowers can skip the awkward conversation and embarrassment by simply not making jokes about how they spend their money.
If you want to be taken seriously as a buyer, Gatecliffe says to curb the comedy and “avoid joke references.”
In the comments section, many TikTok users admitted to previously sending their pals phrases such as “sugar daddy” and “wifey dollaaa” to joke about their financial transfers.
“I send myself money and say things like ‘bride money,’ ‘hush money.’ Never even considered this,” one person wrote.
“So hopefully my ‘love you’ on all my money sent to my mom won’t matter then,” another commented.
“My mates sent my friend a cent at a time with bad references when he went for his mortgage,” someone else shared.
One person shared that their family members are in on the joke.
“One time my uncle transferred me birthday money, and he put ‘swingers club’ as the reference … I was raging,” they commented.
Gatecliffe added more context in the comments section by sharing lenders typically only look back three months into prospective borrowers’ transaction histories.
“Thank god it’s only three [months]! Some of my older references have been horrific,” someone commented, expressing their relief.