Loans for travelling...

shanofin

I was planning on heading to Oz in June after saving but decided this week I want to go ASAP and don't mind getting a loan... I've heard the banks aren't giving out loans for travelling anymore. Is this true? I also heard you can put in for a loand saying you're starting up a business venure... any advice appreciated! Cheers!

m@cc@

shanofin wrote: »

I was planning on heading to Oz in June after saving but decided this week I want to go ASAP and don't mind getting a loan... I've heard the banks aren't giving out loans for travelling anymore. Is this true? I also heard you can put in for a loand saying you're starting up a business venure... any advice appreciated! Cheers!

I would not recommend deceiving a bank in order to get a loan to go travelling.

brendansmith

That is an idiotic plan.































































Do it!

Profiler

shanofin wrote: »

I was planning on heading to Oz in June after saving but decided this week I want to go ASAP and don't mind getting a loan... I've heard the banks aren't giving out loans for travelling anymore. Is this true? I also heard you can put in for a loand saying you're starting up a business venure... any advice appreciated! Cheers!

Banks are even less likely to give out a loan for a start up business.

On top of which you will need a detailed business plan to even get your big toe within 20 feet of the door of a bank... never mind getting your foot in the door

Doc

shanofin wrote: »

I was planning on heading to Oz in June after saving but decided this week I want to go ASAP and don't mind getting a loan... I've heard the banks aren't giving out loans for travelling anymore. Is this true? I also heard you can put in for a loand saying you're starting up a business venure... any advice appreciated! Cheers!

Seriously mate I wouldn’t get a loan to finance traveling.

I know its hard waiting to go but you are not guaranteed that you will find work quickly here! This isn’t just for you everyone who wants to come over here particularly on working holiday visas need to know this. Most employers over here are looking for people who will work long term for them and the WHV only lets you work for one company for 6 months so many places prefer not to employ people on this visa. Having said that people do get jobs on this visa (I did) but it takes time to find them.

If you don’t find work and the money from the loan runs out you would have to return to Ireland far worse off then when you left.

If you are in the situation where you are earning then I really would recommend that you stay and save like you originally intended and then come over. Unfortunately I have seen a few people I met traveling come here not find work quickly enough and have to leave.

Most people who do get jobs here on WHV’s don’t necessarily get the quality of job there experience and education might suggest they should and so make enough to pay rent eat and drink with little if anything left over at the end of the month so having to pay back a loan would not be the best on top of that.

Oisintarrant

I took out a 1000euro loan when I went out there the first time. It was a 'just in case' loan. I told the bank exactly what it was for, (Not that they probably believed me or cared at the time). They asked for written prove that my job was secure on return to Ireland, which I gave them. Happy days.
I also set it up so that the repayments wouldnt start until I arrived home. Only interest is added on to the loan durnig the year that came to about 90euro. So for 90 euro, I had piece of mind travelling. It was tough not to use it, but ended up spending 200 odd of it. Like others mentioned, dont take a mother of all loans out like 5k and expect to spend it all, come home and repay it all. It wont make for a happy home coming!!

shanofin

Well last year a mate of mine went in for one -when he told the bank rep it was for travelling he said to put it down as a car loan!! I just put 5,000 out there but I figure 2,500 is more reasonable, including flights and factoring in free accommodation with mates when I get there. I'm pretty resourceful and am not worried about finding work when it comes down to it!

mandrake04

shanofin wrote: »

I'm pretty resourceful and am not worried about finding work when it comes down to it!

Sound like it..

Sure maybe you could forge a Permanent Resident Visa or a Citizenship Certificate...and also maybe many useful qualifications when your at it ...............and then there no stopping you from finding work.

Zambia

It goes like this if you need to borrow the amount you could save between Now and June what are we talking €1000? Then I don't see the harm. Its not a life changing figure.

However if we are talking business start up amount of €5000 and over you really are cutting yourself of at the knees in light of your future. Besides why come in March Oz is now in Autumn you have missed summer will travel here and not see another summer till Xmas.

However its your life and only you get to pick the tree you piss you money up against?

shanofin

Anyway... back to the original question -are the banks still giving out loans for travelling?!

Zambia

Have you tried ringing a bank and asking?

murphym7

shanofin wrote: »

Anyway... back to the original question -are the banks still giving out loans for travelling?!

Not a hope - forget about it. If they are not giving money to business's that are making money, topping up personal loans with people with perfect repayments they are not going to give you one cent to head off out of the country to go travelling with.

partyguinness

Put it on the credit card.......:D

murphym7

No No get two - that way you can evenly spread the cash over two cards.:D

Sonnenblumen

OP - Have you tried growing Money trees?:D

m@cc@

murphym7 wrote: »

No No get two - that way you can evenly spread the cash over two cards.:D

Or else contact a credit company that can consolidate your payments into one managable monthly payment.

CiaranC

http://www.oceanfinance.co.uk/

pclancy

Mate, PLEASE don't travel unless you can afford it. There are multitude of things that could happen to mean that debt becomes a thorn in your side. People living beyond their means is one of the reasons there has been so much financial stress the last few years, if you can't afford it yet, DONT GO! I've learnt the hard way about debt the last 10 years and I left Ireland with no debt at all 2 years ago. It took way longer to get work here (NZ) then I imagined so I ended up having to borrow from my Mum and Girlfriend. Once I finally got work it took ages to pay them off and then I got behind on credit card and it all starts again. Then once I'd that paid off I had to come home to Ireland very quickly to be with someone before they died so that added another 4K to my credit card which i've only now (6 months later) got paid off. Rememeber being the other side of the planet makes it very expensive to rush home for unforseen family stuff.

The reason you go travelling is to enjoy yourself and learn about the world, you dont need the additional worry of mounting debt back home, just wait until you can afford it and you'll enjoy it much more. Be aware that OZ isnt the goldmine you might imagine and it could infact take ages to get work...worse still imagine you were injured or got sick or had to fly home quickly for a family emergency etc, all those unforseen circumstances can end up you not working or having to suddenly buy expensive flights and getting into more debt.

Wait and save, you'll enjoy it much more havjng a few grand under your belt.

m@cc@

pclancy wrote: »

Wait and save, you'll enjoy it much more havjng a few grand under your belt.

The OP seems to have made up his mind long before he started the thread.

ballooba

I don't think the economy in Ireland will ever recover until people realise things like a 5 grand loan with a 2 year interest only period to go on an extended holiday for yourself IS NOT NORMAL.

jank

Sure house prices always go up!

...........
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Dumb idea, where are people going to learn to spend what they have not what they dont have.

Tigerandahalf

The responses seem negative but they are pretty wise. You need to have a good few pound saved before you come here. If you aren't renting at home, coming out here will make you realise just how little you have left after you pay the bills...month's rent in advance and a bond quickly takes a chunk out of your cash at the start. As has been said many people who come out here are underemployed and getting less cash for their qualification than they should be..this is saving some aussie employers a lot of cash. I'd well recommend having savings before you come out. Otherwise, if you are lucky even, you will end up having to work everyday just to cover your bills and have the odd pint. You want to be able to travel around and enjoy yourself.

aido79

OP - tell me if I'm wrong but I'm guessing you're pretty young. I'm also guessing that you don't have any qualifications. Its not that easy to get a job here on a working holiday visa but to get one without experience or qualifications is even harder. You would be better off trying to save the money and come over when you have enough saved. 5000 plus flights should be enough if you can get a job in the first month or so. Most of the people who have replied are speaking from experience so you'd probably be best to take their advice.

mandrake04

aido79 wrote: »

OP - tell me if I'm wrong but I'm guessing you're pretty young. I'm also guessing that you don't have any qualifications. Its not that easy to get a job here on a working holiday visa but to get one without experience or qualifications is even harder. You would be better off trying to save the money and come over when you have enough saved. 5000 plus flights should be enough if you can get a job in the first month or so. Most of the people who have replied are speaking from experience so you'd probably be best to take their advice.

Nice one Aido probably the most sensible post in this thread.

shanofin

Eep! Well I've booked the flights and am getting on the plane! Heading out mid-April. I think I should have elaborated a bit more in my first post.

I'm 24, in full-time employment, degree in hand and plenty of experience in my field under my belt. I'm not one for saving but if I'd planned this I would have pulled plenty of money together by May/June. On the other hand I'm carefree and REALLY need a change of scenery.

I'll admit the €5,000 was a tad excessive. I've paid for the flights and when I get there I'll have mates to crash with til I get my feet on the ground. Figure I'll have €2,000 in hand when I arrive there. I will still go to the bank and see if there's a chance of getting a loan -just in case I don't stick to my rigid saving plan. Again, I don't worry about things and believe I'll get something. To be honest, I'm looking at a career break and will work at anything for a while.

Still think I'm crazy?!

Carmelp

its what you want to do so go do it!!!

i decided the other day to go to asia in October and then on to Oz with a WHV. im renting here, have a car, and lots of expenses. im gona try save as much, hopefully sell my car (!!) and if ive enough - brilliant! but if not.. ill be knocking on the credit union door!!

OP if the job situation doesnt work out, use ur money to have the holiday of a lifetime, thats my plan.

with so many people/friends in australia now, im sure people wont mind couch surfing until you get sorted. im pretty sure you're not gona be on your arse and broke after 2 weeks if u dont get a job!

i know loans are not the best idea, but if i can have a great holiday and when i come home, have to pay off a loan, who cares.. although 5K is a bit much. 1k-2k is fairly managable.
i went to Vancouver as a student and payed off a 2k loan in my final year of uni

shanofin

my kind of thinking

Carmelp

its such an exciting thing to do, so dont let anyone take that away from you.

of course, i understand everyones concerns/opinions, but if youre not doing what you want to do, for fear of having to pay back a little loan, thats not living.

OP, do you plan on going to asia?

mandrake04

shanofin wrote: »

Eep! Well I've booked the flights and am getting on the plane! Heading out mid-April. I think I should have elaborated a bit more in my first post.

I'm 24, in full-time employment, degree in hand and plenty of experience in my field under my belt. I'm not one for saving but if I'd planned this I would have pulled plenty of money together by May/June. On the other hand I'm carefree and REALLY need a change of scenery.

I'll admit the €5,000 was a tad excessive. I've paid for the flights and when I get there I'll have mates to crash with til I get my feet on the ground. Figure I'll have €2,000 in hand when I arrive there. I will still go to the bank and see if there's a chance of getting a loan -just in case I don't stick to my rigid saving plan. Again, I don't worry about things and believe I'll get something. To be honest, I'm looking at a career break and will work at anything for a while.

Still think I'm crazy?!

I can see your point about requiring the loan... You reckon you will have €2,000 ($3000) but you require at at least a further €1340 to satisfy the WHV requirement of $5000 to get into the country in the first place.

jank

Spend your time in Asia instead, much much cheaper and loads to do. Jobs on a WHV are not that easy to come by.

Zambia

shanofin wrote: »

Eep! Well I've booked the flights and am getting on the plane!

Well just be mindfull the cash your bringing is not your cash its the banks use what you need and try and funnel the rest back. Because loans are f**king albatrosses around your neck at any age.

Oh and update the thread it would be good to see how you get on.

Enjoy oz;)

shanofin wrote: »

Still think I'm crazy?!

No just young...

danbohan

m@cc@ wrote: »

I would not recommend deceiving a bank in order to get a loan to go travelling.

Why not ?, they been deceiving everybody for years !

Sonnenblumen

danbohan wrote: »

Why not ?, they been deceiving everybody for years !

they've caused a huge disception on how much they were involved with deceivers. Now its time for the receivers!:D

shanofin

here here!! haha

shanofin

Well... I sat down at the weekend and did a bit of budgeting (getting old?!). Have cleared flights on the credit card and factoring in what I'll be making, spending and saving turns out I'll have over €2,000 for when I set off! Not factoring in any tax back (need to look into this a bit more) or money I'll get from parents/siblings/aunts/uncles at the going away party, which ties in with my birthday -hopefully a nice earner on top! Thankfully won't be going down the route of a bank loan, think it was the nerves getting to me -cannot wait to get over there now!

mandrake04

shanofin wrote: »

Well... I sat down at the weekend and did a bit of budgeting (getting old?!). Have cleared flights on the credit card and factoring in what I'll be making, spending and saving turns out I'll have over €2,000 for when I set off! Not factoring in any tax back (need to look into this a bit more) or money I'll get from parents/siblings/aunts/uncles at the going away party, which ties in with my birthday -hopefully a nice earner on top! Thankfully won't be going down the route of a bank loan, think it was the nerves getting to me -cannot wait to get over there now!

Mate you are you just really stupid or something? did you not read the bit about sufficient funds for a WHV?...... at the moment you don't have enough money.... your about €1330 short.

$5000 is about €3328

Financial requirements

You must have access to sufficient funds to support yourself for the initial stage of your holiday. Generally, AUD$5000 may be regarded as sufficient, but the amount may vary depending on your length of stay and the extent of your travel. You should also have a return or onward ticket or the funds for a fare to depart Australia.

You may be asked to provide evidence. Evidence may include a certified copy of a bank statement and an air ticket out of Australia.

http://www.immi.gov.au/visitors/working-holiday/417/eligibility-first.htm

shanofin

*side note -is there a way of blocking people that you don't have read their constant moany posts?!!

I'm well aware of the requirement. Yes I do have access to the amount... If I'm asked to produce a bank statement on arrival saying I've that amount in my account I will. I have a return ticket that I can show them too. Criteria fulfilled.

All I was concerned about in this thread is how much money I'll be needing to get started over there for the first month. I've been to the USA before on a visa where I had to produce proof of funds and I have. Let me worry about fulfilling my visa requirements.

shanofin

By the way, I'm not your mate (yet) - consider myself intelligent and at the end of your sentence you should've used "you're" not "your" (also note the extra you at the start)!



Now, back to happy thoughts of me arriving in Australia.... ahhhh

mandrake04

shanofin wrote: »

By the way, I'm not your mate (yet) - consider myself intelligent and at the end of your sentence you should've used "you're" not "your" (also note the extra you at the start)!



Now, back to happy thoughts of me arriving in Australia.... ahhhh

Well according to your original post you did state that any advice would be appreciated.... I was just giving you what you asked for. http://www.boards.ie/vbulletin/showthread.php?t=2055843927

If you are so thin skinned about it then I don't think Australia is place for you..

shanofin

YAWN :rolleyes:

ballooba

Birthday parties can be a good earner. I remember being at a 22 year old's 21st once, he didn't have one at the time but needed cash for travelling so sneaked one in. :-D

Xavi6

shanofin wrote: »

*side note -is there a way of blocking people that you don't have read their constant moany posts?!!

Yes you can put a poster on ignore. Click their profile and there's an option for it. However if you wish to keep contributing to the forum while in Australia I suggest you change your own attitude, i.e. leave your grammar Nazi hat in Ireland. If you have a problem with a post or poster then report the issue.

Oisintarrant

Funny how you come on asking for advice but ignore the ones you dont wanna hear. You mentioned earlier you dont have $5000 to go with, yet a few posts later, you say you will. Also, couch surfing has a very thin skin in Oz from experience, having kicked out and been kicked out. Its not like college or home. one tip for you though if its Sydney you go to, try Haye's recruitment. Got a handy gig in a mailing depot making 700 bucks a week.