Loan advice pls

MightyDucks

I'm pretty sure I know the answer to this be said I’d give it a go,

I’m looking for a loan of 60,000euro. I know:eek:. Its to pay for pilot training. I have joined up with the credit union recently but I was told by a friend that I need to be with them for six months before I can apply for a loan. Is this true and what are my chances with around 7000 of savings. I would also have a good garniture to help me with this. I'm also with bank of Ireland who I have dealt with before and have no bad history with them only I’ve heard that they're impossible to get loans from.

Any advice helpful

BuffyBot

Yes, you will have to a member of the CU for 6 months, and it's highly unlikely they would lend you €60000, especially with only €7000 on deposit.

purpur1

Dont the credit union have a policy, for your first loan you can only take out 1.5 times your shares amount

So you'd get a loan of 10,500. Also, the interest on this would be big. It might work out cheaper to go down the bank route

MightyDucks

What would my chances be with the bank and what kind of savings would be required to get the loan?

DBF

MightyDucks, I'm not sure if it varies between different Credit Unions, but I know that in my local one the maximum loan is €50,000. Also, the big problem with their loans is that the maximum term is 5 years! Which makes the repayments very high.
But this may not apply in all CUs as I said.

Good luck with it.

Rebel1977

Do you have to take the full €60k now for your training ? A friend of mine got bank loan in the 'good times' who is a doctor and went abroad for specialist training etc and she got a loan of I think €50k but only needed to drawdown €20k in yr1,€20 in yr2 etc

Bluetonic

BuffyBot wrote: »

Yes, you will have to a member of the CU for 6 months, and it's highly unlikely they would lend you €60000, especially with only €7000 on deposit.

That advice is incorrect.

Each CU set their own rules.

BuffyBot

Indeed they do, but on the whole it's correct.

There are *always* exceptions to every rule

chris85

Bluetonic wrote: »

That advice is incorrect.

Each CU set their own rules.

whats incorrect? he said its highly unlikely will get it. i wouldnt argue with that, fair comment to make.

theg81der

Thats quite alot of money. I have a relative who finished his pilot training in the last few years. His parents morgaged themselves to the hilt to pay for it. Its not as lucrative as it was so might take you alot longer that you think to pay it back. I`m sure the people assessing he loan will be aware of this and you should probably try and do some research about potential earnings to back your application.

MightyDucks

Thanks for all the replies,

theg81der- cheers for the advice. I have done so much research into this over the last two years I think I could nearly fly a plane as it is. I realise its a risk but its what I want as a career and I’ll always wonder what if, if I don't do it. Believe me I wish my passion was snail farming and I don't expect anything from my parents.

I don't really need the money in one lump sum the way I’m going about the training. I'll inquire with my cu and see what my options are.

Cheers

theg81der

Good luck Mighty Duck I really do hope it all works out for ye. What about doing a degree in something aviation related if you have a set back in you finances? It could only help...

MightyDucks

No i didn't go for a degree but i did just qualify as a carpenter. I think i might be better off with something to fall back on thats not aviation related.

Rebel1977

Have you called into your local bank to talk to them and see what sort of options they would give you and see if they would be receptive to the idea