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Loan question

  • 20-08-2019 4:08pm
    #1
    redfire10
    Registered Users, Registered Users 2 Posts: 5 ✭


    Sorry if this comes across as a stupid question, so I have been approved for a personal loan. But, my question is If I were to miss income for a month or two (for example- lose my job), no other income, can the money from the loan which is sitting in the account, be used to pay for the same loan repayments etc for those particular months?


Comments

  • #2
    cooperguy
    Registered Users, Registered Users 2 Posts: 2,650 ✭✭✭cooperguy


    Ya, there would be nothing stopping you doing that. Though the question I would ask is if the money is just sitting in your account are you borrowing too much money.


  • #3
    redfire10
    Registered Users, Registered Users 2 Posts: 5 ✭redfire10


    cooperguy wrote: »
    Ya, there would be nothing stopping you doing that. Though the question I would ask is if the money is just sitting in your account are you borrowing too much money.

    Thanks, was gonna leave my job, use the majority of the loan for its purpose and leave the remainder as a back up to pay bills & make the loan repayments etc while setting up for the new job and waiting for the first wage to come through.


  • #4
    eoinob50
    Closed Accounts Posts: 71 ✭✭eoinob50


    redfire10 wrote: »
    Thanks, was gonna leave my job, use the majority of the loan for its purpose and leave the remainder as a back up to pay bills & make the loan repayments etc while setting up for the new job and waiting for the first wage to come through.

    Why not get a new job first??? Taking a loan out for this purpose seems a bad idea imo


  • #5
    redfire10
    Registered Users, Registered Users 2 Posts: 5 ✭redfire10


    eoinob50 wrote: »
    Why not get a new job first??? Taking a loan out for this purpose seems a bad idea imo

    Thanks, there are personal reasons I dont want to get into. I do, 100% understand the risks. Main question was if I can use the same loan for repayments if it, comes to it.


  • #6
    eoinob50
    Closed Accounts Posts: 71 ✭✭eoinob50


    redfire10 wrote: »
    Thanks, there are personal reasons I dont want to get into. I do, 100% understand the risks. Main question was if I can use the same loan for repayments if it, comes to it.

    Nothing stopping you :)


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