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Loans for Hospitality Workers - Covid19

  • 19-01-2021 3:34pm
    #1
    GRPETER
    Registered Users, Registered Users 2 Posts: 2 ✭


    Can anyone offer advice for a hospitality working seeking a (car) loan.

    My own bank declined my personal loan application so I went to a broker.
    They said no lenders are looking at hospitality sector worker applications due to the current uncertainty of the industry.

    After an assessment of my personal finances; repayments are not an issue so I am disappointed I am currently labeled as high-risk.

    I have yet to apply for any Hire Purchase application - I hope this my be more fruitful as the vehicle would obviously act as security.
    I am holding my breath.

    Does anyone have any advice?
    Perhaps if I were able to get a guarantor on a loan? - although I think this might only be an option for student loans?
    Is there anywhere else I could turn to??

    Thanks.
    Tagged:


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Credit Union? If you are not an existing member it might be more difficult but some do take loan applications immediately, mainly the bigger ones.


  • #3
    GRPETER
    Registered Users, Registered Users 2 Posts: 2 ✭GRPETER


    I have contacted my local Credit Unions.
    My closest one isn't taking new members during Level 5 (typical!).
    So I signed up online to my next closest. I am just on the border of their 'Common Bond' which is like their catchment area.
    I am waiting for my membership application to be approved now!
    Then I will have to try apply for loan.
    I did some online research in the meantime and it looks like Credit Unions are giving loans to workers affected by Covid but potentially only up to €2,000.
    This is a nightmare.


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