Loan to Foreign Nationals

Recently I have been trying to secure a personal loan for 3 year term with two lenders.

The response I got from both lenders is that I am a foreign national & my visa is only for two years duration, I told them I have been living here since 7 years & visa always issued for two years duartion & will be re-newed after every two years but they both told me they are only following guildlines setup by the govt

This is the Irish law that no visa can be issued for more than two years so even I have a permanant residency based on skilled category worker my visa still be issued for two years & it is being extended easily every two years

Strangely when it comes to collecting taxes I am considered as a resident & no relaxation in that. I got married this year & paying E500 tax per month as married person, last year I paid E800 tax per month as a single person. I never claimed a penny from public funds

I talked to IFSRA, they told me to lodge a complaint with the financial ombudsman about being treated differently

Do you people have any suggestions?

If you are here since you are 7 why can't you at this stage apply for Irish Citzenship - I thought if you were here more then 5 years you apply for citzenship assuming you are older then 12

Yes Lucky Iam 28 now. Was on study status for four years, have residency based on work since 3 years.

To apply for citizenship you have to have residency for 5 years, I have to wait another two years + que for citizenship

I am sure people must have abuse the system here thats why they have this visa term restriction

Luckycharm said:

If you are here since you are 7 why can't you at this stage apply for Irish Citzenship - I thought if you were here more then 5 years you apply for citzenship assuming you are older then 12

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I think the OP means that s/he has been here FOR 7 years ...

FKahn - it would seem to me that IFSRA are correct in this case - there certainly seems to be something unfair in that restriction. However I assume it is to do with the potential situation where your visa would not be renewed. Seems unreasonable though when you can provide evidence of permanance. You aren't exactly a fly-by-night turning up in the bank one day only to leave with their cash the next day!

As for Revenue, well they wouldn't play to the same rules at all at all - it would leave them out of pocket!

Would a credit union be any use here ?

so-crates

Thats why they have credit rating, they should see my last 7 years banking & check any criminal records, if they are ok why would I fly away?

More importantly if there is a chance of me running away there is exactly the same chance of running away an EU person, what would they do if a person from EEC run away? would they be searching for him in whole europe?

FKhan,

I sympathise with your predicament. I think that it may be worthwhile to contact your local politican and get him/her to take it up with the bank.

Failing that, have the bank offered to give you approval if you can arrange for a guarantor on the loan?.

Applied online for Rabo Direct credit account
was rejected on the same grounds

jhegarty,
Didn't apply to any credit union, do you any that would be of any help?

GSheehy,
you are right, I better talk to local TD

The main idea of this personal loan is to clear off credit cards
my credit card monthly repayment is E496 + E188 interest per month
& the personal loan offered have very low interes rates if you compare with credit cards so that is why I tried alot for it

I sympathise with your predicament. I think that it may be worthwhile to contact your local politican and get him/her to take it up with the bank.

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Dont think this approach would work. Bank would refuse to discuss a customers business with a third party i.e. politician. Would also give the impression that the applicant doesnt fit the criteria for a loan and so is resorting to other means to pressurise the bank. Bank would run a mile from this scenario.

FKhan said:

my credit card monthly repayment is E496 + E188 interest per month
& the personal loan offered have very low interes rates if you compare with credit cards so that is why I tried alot for it

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Alternatively, or in the meantime, you could switch to a Halifax credit card - this gives you 0% interest for 6 months and a lower rate that the other credit card providers after that (approx 10.5%).

Hi,
Would you consider applying for a Credit Card with a lower interest rate or one offering a fixed term at zero rate which then switches to 9% or 10% after the introductory period rather than a fixed term loan as this doesn't seem to be an option for you at the moment? You must have considerable Credit Card debt or be paying high charges to warrant the repayments you quoted.
To be honest its reassuring to hear that Banks are currently following stricter lending policies that they had been for the previous number of years in regard to risk accessment, I mean for all loan applicants regardless of nationality.
Your point re the Revenue is really a non-issue in this regard, it is after all 'pay as you earn'

You might get some relevant advice from the Equality Authority, and you could possibly take a case via the Equality Tribunal (though those wheels move slowly).

gillarosa
re revenue, do you not 'pay as you earn' to get some services back from state? if the services are conditional why unconditional PAYE?
re credit card, would any bank be able to take 13K balance transfer?

like jrewing suggested halifax credit card only if they are willing to transfer existing 13K balance

Complainer,
I have to google this Equality Tribunal to see what they can do. I am also thinking to talk to local TD

csirl,
banks have every right on their descisions but under state regulations & control, they follow the guidelines made by the state who also generate revenue from the victims of these guidelines

Hi FKhan,

I believe the Equality Tribunal took a case against a Bank re their lending policies for people over 65 and won but what I would suggest in order to expeditate a more immediate answer to your problem is that you now apply for Halifax and maybe the Ulster Bank offer which has similar terms assuming your current card is not with either of them. Even if its not the full €13K you may manage to have a percentage of your loan transferred and payable at a more manageable rate. In the meantime of course you can persue the other course of action but it may be a long and slow road.

The PAYE issue is nothing to do with the problem you have, all workers are obliged to pay at a predetermined rate regardless of what benefit they believe they are accruing.

It may take the sting out of your situation if you looked at the bank decision as a commercial one and not a personal affront to non EU Nationals. If you were a Banker would you give a 3 year loan to someone with a 2 year contract, 3 years evidence of work and €13K credit card debt? I wouldn't.

Good luck

Is your wife Irish? My wife is Ozzie when we applied for our joint mortgage once she had been living here and working here for 6 months they had no problems and she had to renew her visa every 2 years. If you wife is irish could you apply for joint loan?

No my wife is pakistani as well living here as my dependent

gillarosa
my job is permanant full time & not a 2 year contract
I will google for this halifax card & see how much they can transfer