Loan needed, but out of work

Dannyboi3k

Ok bare with me please..

I have applied to the bank of ireland for a loan and got refused.. because i'm out of work at the min..
I already have a small loan with the CU and i have talked to them and they said if i have more than half paid off i can apply again..

Thing is i have no car now at the min and need a loan to get a car to get work..
Does anyone know anywhere that will give you a loan whilst unemployed??
I can afford it and it will be set up direct debit please lads stuck in the same hole here for f*ckin ages :mad:

dotsman

I'm sorry to say that, as far as I can see, no bank will give you a loan as there is no guarantee that you can repay it (what if it takes longer than you expect to get a job, or you end up getting a job that pays less than you currently expect etc).

In times like this, perhaps you can approach friends/family, ie someone who is willing to take a risk on you?

Also, with regard the car, seeing as you currently have no income and don't know yet when you will receive one, perhaps you should consider getting some knocked up, really cheap thing just for the first year (as in the type of car that a person might be actually glad to get rid of!), and then upgrade it to a car you like when you have a steady income (thus reducing the amount you need to borrow for the moment).

stepbar

I couldn't see how you could afford to run a car on the money dole pays TBH. Don't assume just because you are paying a loan already that you could afford to pay another and especially for a car which has other expenses such as Tax, Insurance, Petrol and so on. Just to reiterate, you must be in "Full Time Employment" to secure a loan with a bank.

wasim21k

thats what i did, lost my job and i had some saving to pay my mortgage for 3 months and i took money out of my credit card i know its not very practical but when i get stuck only credit cards here to help me out

dotsman wrote: »

Also, with regard the car, seeing as you currently have no income and don't know yet when you will receive one, perhaps you should consider getting some knocked up, really cheap thing just for the first year (as in the type of car that a person might be actually glad to get rid of!), and then upgrade it to a car you like when you have a steady income (thus reducing the amount you need to borrow for the moment).

boa-constrictor

Believe it or not Ulster Bank give loans to people who are unemployed in the hope that they will get a job but I the person I know who got one had a guarantor so I suppose the bank had a bit of insurance if she didn't get a job.

Dannyboi3k

I'm a BOI customer tho.. thing is i can get a guarantor, and they said they wont accept any guarantor's the way things are gone..

I would sign up to a new bank if needs be would i have to switch my standing order to them then or could i leave it in BOI? i really need this loan as i can get work but its not near where i live thanks all..

stepbar

boa-constrictor wrote: »

Believe it or not Ulster Bank give loans to people who are unemployed in the hope that they will get a job but I the person I know who got one had a guarantor so I suppose the bank had a bit of insurance if she didn't get a job.

I'm actually shocked by this but anyhow.....

Dannyboi3k wrote: »

I'm a BOI customer tho.. thing is i can get a guarantor, and they said they wont accept any guarantor's the way things are gone..

I would sign up to a new bank if needs be would i have to switch my standing order to them then or could i leave it in BOI? i really need this loan as i can get work but its not near where i live thanks all..

Just open another account simple as. No need to switch anything. What else you have any be easily switched one by one. A guarentor really means nothing. It's just a piece of paper that allows the bank to chase someone else for the money. At a personal level it's more hassle than it's worth.