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Loan with low credit score

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  • 29-06-2009 2:56am
    #1
    RickyBobby1
    Registered Users Posts: 511 ✭✭✭


    Hi guys,

    Im in need of a small loan of 2k but I have a low credit score due to be being terrible at paying off my credit card evening missing minnium payments.My best option I know would be the credit union but I have never really used my redit union before and I onlyhave 50 euros in it.I was thinking If my brother would be my guarantor would give me a good chance?He has his own house,a good job,etc.Anyone have any alternatives.
    Just to let you know the purpose of the loan is pay off card,going to see my friends in portugal and wedding coming up.I would easily afford the 40 euros for the 12 months.But you know the way the banks are at the minute :(
    Thanks guys ;)


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    #2
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    A bit more info would have been helpful.Are you working? Have any car loans?
    Do you have much time before you need this cash?

    If you do the best thing would be to save with your credit union until the time comes and go and talk to them, they are always reasonable and helpful. They will probably want to see payslips etc.

    I dont think the banks will do you any favours. They will check your credit history and the lights might start flashing over your missed payments,etc.

    On a final note if all else fails could a family member or friend help you out. Maybe someone who has a few quid put away and trusts you to pay them back, that way you would not pay any interest, maybe just a gesture to say thanks for helping you out of a hole.

    Best of luck.


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    #3
    RickyBobby1
    Registered Users Posts: 511 ✭✭✭RickyBobby1


    Ginger83 wrote: »
    A bit more info would have been helpful.Are you working? Have any car loans?
    Do you have much time before you need this cash?

    If you do the best thing would be to save with your credit union until the time comes and go and talk to them, they are always reasonable and helpful. They will probably want to see payslips etc.

    I dont think the banks will do you any favours. They will check your credit history and the lights might start flashing over your missed payments,etc.

    On a final note if all else fails could a family member or friend help you out. Maybe someone who has a few quid put away and trusts you to pay them back, that way you would not pay any interest, maybe just a gesture to say thanks for helping you out of a hole.

    Best of luck.

    Hi ginger,

    I work in a full time job and have done for 6 years.I have no other ''offical'' loans except for I owe my girlfriend some money but that will be paid off by october.
    I dont have much time as Im going away in 6 weeks and I wanna pay off my card asap.
    I think that might be an option to lend off my brother but I would prefer not to ask.If I dont have any option I will though.

    Thanks for the help,much appreciated.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    You could see will the bank who issued your credit card allow you to restructure it into a loan. They will probably require that you cancel the credit card though. How long ago were you missing payments on the card? Also, the repayments on a €2000 loan over 12 months would more likely be about €150 or more, not €40, so would you still be able to afford that?


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