# Chances of getting a small personal loan from CU



## mbc355 (5 Sep 2019)

Slightly ridiculous, but right now I'm between jobs (finished college last year, still not sure what I want to do as a career so have been effectively living off of savings as I worked during college) and I'm not in receipt of social welfare payments - what are my chances of being granted a €500 personal loan? I'd easily be able to pay it back within three years because of savings, and i don't have other expenses such as car / rent / other loans (I live at home, was lucky enough to do so during college too) but I'm not sure if the credit union will see it that way because I have no income to speak of. I've been applying for jobs but haven't had much luck, came close to several but it hasn't been my year. From what I can see on various CU sites you need to provide either payslips or proof of social welfare payment to apply for a loan, it doesn't say anything about those not in receipt of income. Obviously I hope to be in receipt of income by the end of this year, but neither myself nor the CU can guarantee that. Any help much appreciated!


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## Protocol (5 Sep 2019)

Would you give a loan to somebody with no income?


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## noproblem (5 Sep 2019)

"what are my chances of being granted a €500 personal loan? I'd easily be able to pay it back within three years because of savings"

You have me confused on the above. You have no income, no job, you want a loan of €500 and you'll pay it from savings?????????? What exactly did you graduate in?


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## Laughahalla (5 Sep 2019)

Hi mbc355,
Hang on in there.
Try stay away from borrowing money . Particularly those loan companies that prey on vulnerable people at extortionate interest.
Don't fall into the debt trap. That's all it is , a trap. You'll never get out of it.
Can you share what you need the money for and what you studied in college. you will get better advice if you give more information.
Are you living in or near a town or city. Might be more opportunity to get work if you are.

I recommend you try to pick up any work and try to bring in some money. It doesn't have to be in your field of study. Just something that gets you going. You can continue to look for your ideal job at the same time.

good luck.


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## eisfspike (10 Sep 2019)

To be fair the OP had a genuine question and may not be as expereinced as some of us. Bad form on some of the 'smart' responses above, the purpose of this forum is to educate/advise people who don't have all the answers not riddicule them.  OP good avice from Laughahalla above maybe consider this strategy.


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## so-crates (10 Sep 2019)

Leaving aside the question of income, if you have €500 in savings then you are better off using that first. If you borrow €500 (assuming they are willing to loan it) you could end up paying back €50 extra for the privilege even to credible lenders. If you have no income, does it not make more sense to loan yourself the €500?

They are unlikely to go for it as you have no income and the amount is low so it may be uneconomical for them to loan it.


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## dereko1969 (10 Sep 2019)

Are you a member of a Credit Union already? If yes, do you have any savings in that credit union?


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## Rosjohn (19 Sep 2019)

I would expect Credit Unions only lend to members not some lad who just walks in and asks for a loan.


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