Loan for student- travel

skellyoaks

Hey guys, I am travelling to Australia for 6 Months and have looked for a student loan off Aib, (where my bank account is), of 5000... They turned me down as i have no proof of earnings (because im working cash in hand) and because my account has been stagnant for 6 months... This loan also included my parents as garentors and they have an immpecable credit record.. I'm now a bit puzzled as to where my next place to look should be... any tips??

Im off in 3 weeks so speed aswell is a factor!

Pythia

You could try a sub prime lender but the interest rates will be extremely high.
Why don't you get your parents to get the loan out themselves and pay them the installments which they pay to the bank.

stepbar

You can't really blame the bank for refusing you when you haven't been turning any money through your a/c in the last 6 months or any proof of what your earn.

I would suggest the Credit Union. Often times they can be more willing to give a loan based on being from the area, parents reputation etc

unclebill98

stepbar wrote: »

You can't really blame the bank for refusing you when you haven't been turning any money through your a/c in the last 6 months or any proof of what your earn.

I would suggest the Credit Union. Often times they can be more willing to give a loan based on being from the area, parents reputation etc

Exactly, I can't prove I earn anything and I don't really use your bank.....can I have a loan please :rolleyes:

dotsman

If your parents were willing to go as guarantor, I assume that they trust that you will be able to repay the loan no problem.

Therefore, why not turn the whole thing around. Have your parents borrow the money and give it to you! You then make the repayments via your parents. They, of course will get stung if you fail to make the repayments, but as they were going as guarantor, they would have been stung anyway!

What type of loan were you looking for and for how long? Was it a standard repayment loan (ie equal repayments every month), an interest-only loan, a final-bullet loan (ie the one big repayment at the end?) or an adhoc (ie random repayments at different stages).

You mention that you are looking for a student loan. But what student can get 6 months off in a row?

Also, how close to qualifying are you and in what area is your qualification? These have a large factor in lending to students (as many are in your position and may not have a steady income while in college, but if nearly qualified in an area of strong employment, will soon be able to make the repayments no problem).

skellyoaks

Im on a gap year at the minute.. 2 years through my b.a.. looking to go into teaching..

and i accept that the bank decline the application, but im just stuck now..

My parents have said that they'd get the loan and have me repay it, but i'd rather get the loan myself and have it as proof that i can get a loan and regularly pay it back for say a Mortgage down the line...

The problem with the credit union is that i myself am not a member.. My parents are, and again have a good record with them.. What would i have to do to get a loan off the local credit union??

LouOB

credit union