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Help, i need a loan - poor credit history.

  • 16-04-2008 5:35pm
    #1
    FearDark
    Banned (with Prison Access) Posts: 9,425 ✭✭✭


    Ok so Im a Student and I work part time at the weekends, i only earn about 200-250 euros then, I need a loan for a holiday in the summer, well actually i want to head away for the summer.. Im not holding out much hope on going though as i have a poor credit history, about 3 years ago i borrowed 5k on the strength of 5k savings from the credit union, about 2 months into the terms of repayment I lost my job and didnt pay for months (Yep i was an idiot) Anyway the Credit union took my money from my savings account and cancelled my loan leaving me with 300 euro's worth of arrears which i also paid. Anyway on my credit bearau report its down as never having paid the loan back etc etc so now I cant get a loan.

    Im desperate for about 3-4k and need it by end of May, what are my chances... not good? Any credit company out there that deals with people/students in part time jobs?

    Replies greatly appreciated, thanking you.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    With you ICB showing a debt as not complete your chances of a loan are zero.

    Get onto the CU and have them update the ICB. Only those who reported you onto the ICB can update it.

    You might get a sub lender to lend you the money, but the interest rate will be very high.

    I would talk to your parents.. If thats an option.


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    AFAIK, the CU are not on the ICB (Could someone correct me if I'm wrong?). At the end of the day it's all about repayment capacity. If you don't have same then there's not much you can do. However BOI do students loans of up to 2k (interest free over 9 months) for that exact purpose. Maybe it's something you could consider.


  • #4
    FearDark
    Banned (with Prison Access) Posts: 9,425 ✭✭✭FearDark


    unclebill98 wrote: »
    With you ICB showing a debt as not complete your chances of a loan are zero.

    Get onto the CU and have them update the ICB. Only those who reported you onto the ICB can update it.

    You might get a sub lender to lend you the money, but the interest rate will be very high.

    I would talk to your parents.. If thats an option.

    Thanks guys for the speedy replies, didnt think anyone looked in here! I will get onto the credit union in the morning and get them to update that, when that's updated do i have any chance of getting a loan then?? Could you please tell me about these sub-lenders, what kind of interest rate are we talking and would they give a loan to me given my circumstances? Hmm... parents are out of the question, theyre retired and well i just wouldnt ask!

    Spepbar: Cheers also, I tried the banks but they were telling me with my credit record there was no chance so would that be the same with one of those student loans?


  • #5
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Some CU are in the ICB scheme. There is a list on the ICB website.

    If the credit union agree to update your ICB and show the loan as complete then get a letter off them too, as the update can take a while.

    As for the sublenders, I don't know much about them and I would certainly not give advice on them as if there your only way to borrow i would think your best not to borrow.

    They approved my brother for a mortgage with an interest rate or 8.2%, at the time most interest rates where at 4%. Thats for mortgages, loans could be anywhere up to 15%aer.


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