Borrowing for surgeries?

Freiheit

Anyone know how ameniable banks would be? Not very, especially in todays climate?...just asessing my medium term options...

baby and crumble

To be honest, I would have thought this would just come under 'personal loan'? Surely if you have the paperwork to back it up, and the means to repay with a decent credit history it should be fine. The banks haven't stopped trading or lending, they're just more careful about who they give it to.

Freiheit

From experience they want cast iron proof of a repayment schedule don't they? Collateral is not sufficent?.

L1011

Banks have never liked the idea of lending for medical work of any description - due to the risk of your ability to pay being destroyed by something going wrong and leaving you incapacitated. There's also nothing to secure against and there is a lot less in the way of unsecured lending going on.

It'd depend on how much you needed to borrow, though. You'd have severe problems getting 20k+.

Irish banks don't really work on the US idea of "collateral", except for car loans (the VLC) and mortgages (the deeds).

Freiheit

What forms of security are usually required? a property is unlikely to suffice? they might want someone to act as a guarantor?...if I couldn't provide the precise repayment plan?I probably wouldn't get what I want,but just weighing up my options for the next few years.

L1011

Getting a loan, ANY loan, without agreeing a payment schedule in advance is going to be impossible.

You've got a very American idea of security for a loan, over there you can go in and get a loan for X, using Y as collatoral. Over here it works more on the idea of getting a loan to buy X, using X as the security in case you default.

To use property as security you'd need to mortgage it. A Guarantor would need to be of sufficient means to meet the repayments if you failed to make them.

baby and crumble

yeah, unless you're a student you don't need a guarantor (afaik), and your repayment schedule is pretty much made up by the bank and is dependent on how long you want to borrow the money for- ie a 10k loan over 3 years will have higher repayments each month, and therefore harder to maintain than 10 over 5 years, etc. Your ability to pay for the loan is calculated through your earnings and stability of your job. If you don't have a steady income its very difficult if not impossible to get a loan.

If you do have a guarantor afaik they have to be a member of your immediate family- ie parent, sibling or spouse.

if you have a property you could look into re mortgaging, but that puts your home at risk.

BTW i don't work for a bank or anything, this is just stuff I've picked up in my navigation of bank loans for college!!!

Freiheit

Loans for a share in a property aren't really done these day's are they?.

baby and crumble

Well i would have thought that would just be going in with someone else on a mortgage?

Why am I answering this thread anyway, I have ZERO financial nous!!! :rolleyes:

L.Jenkins

Maybe a Credit Union can help. They usually provide a loan against your savings. I don't know about loans greater than your total savings in a credit union though.

Freiheit

Sorry should have read a loan in exchange for a property I own, is that called 'equity release'? isn't really something banks are keen on sher it isn't?. Yeah I've heard Credit Unions recommended....as I said just asessing my options...probably haven't many:rolleyes:!...Thanks Zoeg, sometime you may have means!...and no harming learning for when that day comes!...I haven't either:)

Annasopra

Freiheit wrote: »

Sorry should have read a loan in exchange for a property I own, is that called 'equity release'? isn't really something banks are keen on sher it isn't?. Yeah I've heard Credit Unions recommended....as I said just asessing my options...probably haven't many:rolleyes:!...Thanks Zoeg, sometime you may have means!...and no harming learning for when that day comes!...I haven't either:)

If you have savings in a credit union they are generally quite good at giving you a loan, however they generally require a guarantor for your first loan

L.Jenkins

Ya there pretty good with giving loans on the basis of savings and the ability to repay. I'll have the same issues of finance as Frie so all the points brought up I'd find as equally useful.