Loans Advice

R

Rocky Love

Guest
Hi everyone - first time poster long time fan of this forum. Hopefully you guys can help me out.

Essentially having done alot of college over the last 6/7 years I hope to go travelling this year - for a year.

I will have approx 4k saved up (with a credit union).

I presently have a loan with BOI - which I pay 200e off every month. Im up to date on this too but i still owe roughly 3k. This is the only loan I have.

however I would like to get a loan of roughly 8-9k to help fund the travelling and to have a bit of cash left over for when i get back etc.

In approaching any financial institution what should I say the loan is for? I imagine I would be viewed as more high risk since ill be off travelling but I would rather use a better sounding excuse for the loan. Any suggestions?

Secondly - should I go back to BOI or approach my Credit Union. Ive never got a loan off them before but I have heard good things and that they are more customer geared/friendly/approachable - which is all very well and good but i want this to be as easy and as painless as possible!

thanks for all your comments in advance.
 
brief response from a guy who worked in a bank ffor 45 years...be honest in your reason for the loan and firstly approach the institutions you have been dealing with.
 
dewdrop> thanks for your response I appreciate it. Approaching banks etc that I have an established history with I guess makes a lot of sense. however Im still unconvinced that being wholly transparent is the best bet. Im sure it could result in me being refused the loan.

I have no intention of not keeping up with payments and my loan would be one that would give me a buffer should I have difficulty upon my return.

However even though I intend on picking up a job while away I have not secured one yet and mentioning this as well as the more general fact that I want the loan for travelling could surely count against me. I want to limit these variables as much as possible.

I have failed one of my previous years in college - what If I told them it was to cover repeat exams or something along those lines? (even though Im not a student anymore) Im just not sure they will give me one for a gap year - any suggestion from those in the know or those who have been in a similar situation would be great.

all the best
 
I agree with Dewdrop... don't lie.

The amount of money isn't really a huge amount for a personal loan, and the credit union or bank should give it to you easily.
 
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