Credit Union Loan to Emmigrate

IrishLad2012

Hey guys. First time on here,so hope Im in the right place.

As the title suggests, I am looking for a loan of around €3000 to go to Oz.I have no loans currently with them and I have around €800-1000 in savings.
what do you think the chances of getting the loan are? would they be put off by the fact that I'm going to Oz. I plan to pay it off within 1/2 years and I have friends over there who may be able to get me work.

marketty

I would think they'd be very cagey unless you have a reliable guarantor to co-sign the loan, I'v anecdotally heard of people feckin off with several thousand out of CU and not repaying it, depending on your credit union they may be very risk averse at the moment.

IrishLad2012

that's exactly what I was thinking.I have heard similar stories. Have you heard of any other institutions that might provide small loans for the like of this.Bank refused me.

chris85

They will have to assess the risk since you are going abroad. I got a CU loan when I went travelling to Oz a few years ago. I did disclose to them I would be going. I had a contract of employment for a job to commence the following year as well as guarantor who is a long standing member of the CU in question. Needless to say it was not defaulted on and I am back a few years now.

They even let me go interest only for the first year.

However my CU is a staff CU and is slightly adverse to risk as the majority of members are working for the company and thus defaults on loans are not as high as other CUs.

marketty

Do you have a guarantor like a parent who is a long standing member of the CU?

IrishLad2012

marketty wrote: »

Do you have a guarantor like a parent who is a long standing member of the CU?

Yes my dad is with them a few years.He never had any big loans and has a perfect history.

CreepingDeath

IrishLad2012 wrote: »

Hey guys. First time on here,so hope Im in the right place.

As the title suggests, I am looking for a loan of around €3000 to go to Oz.

Then don't tell them you're going to Oz, say it's a car loan or something.
As long as you can transfer money electronically from Oz somehow, eg. a standing order from an Irish bank account which has online banking, then they won't know. One of my sisters is doing that now.

marketty

If your dad is guarantor I'd say you'll be fine, they might put a hold on some of his savings while yours is being paid back. I think it's best to say what it's for, credit unions are pretty flexible and if you struggle with money in oz you can make a call and ask to reduce your weekly payment for a while, if you start off by lying saying its for a car you might just make it awkward on yourself, best to be honest I think

P. Breathnach

CreepingDeath wrote: »

Then don't tell them you're going to Oz, say it's a car loan or something.
As long as you can transfer money electronically from Oz somehow, eg. a standing order from an Irish bank account which has online banking, then they won't know. One of my sisters is doing that now.

After our experiences in the past few years, you might think that people would have learned that telling lies when borrowing money is a bad thing.

BuffyBot

Creeping, please read the charter. Specifically the parts about honesty and dodgy dealing