borrowing with no credit history ?

shabbyroad

I'm trying to help a friend borrow some money for a project he is trying to get off the ground.

He's in his 30s and has no credit history apart from a small (< €300) overdraft facility with his bank. His income is primarily cash from live music and the occasional royalty cheque.

He needs to borrow between 5 and 7 grand but I reckon at this stage he'll be doing well to borrow 3 to 4.

His father owns his own home and will go guarantor on any loan. But he's 70+ and my friend doesn't want to ask his father to borrow on his behalf (apart from which his father, on a pension, is not in much of a better position).

BOI have already turned them down.

He needs to get these funds in the next 2 - 3 weeks - or at least get approval in the next 2-3 weeks.

What are his options ? Anywhere else he can go ? It's not enough time to build up credit with a credit union (although he's just joined his local today)

Ideas ? Suggestions ?

spongebob

He's a bit old to start with the local credit union, I recommend you do so at 18 to keep a source of finance handy for situations like this.

County Enterprise Board if it is a biz idea ?

Try other Banks, he only needs one to say yes. If he is buying equipment then what about another musician to guarantee the loan .......with the equipment as an asset to back it if the loan is not met. If he misses payments the equipment is repoed , simple. At least he gets a track record with the bank that way if theloan is paid back on time or EVEN BETTER before time. .

Some musicians have LOADS of credit available.....he only needs one.

M

Nuttzz

no point tarting it up, but it aint going to happen, he doesnt have a "regular income".
his father doesnt either.

it really depends on what he needs it for but he sounds to transient for the banks to touch

Sorry