Possible to get a loan on a low salary?

Expat00

So after taxes I take home about 1700. Not great but it is what it is. However I am able to save quite a bit, dont live a lavish life and I have been able to save 7000. Thats how much I have in my account. Each month I put away about 800.
Would that be good enough to secure a loan, would maybe a secured loan be a better option for me cuz I have decent savings? Or should I just forget about it on a low salary and maybe get a better paying job?

Gorgeousgeorge

How much of a loan? Car loan personal loan it all depends. And 1700 take home is not bad at all.

Expat00

Gorgeousgeorge wrote: »

How much of a loan? Car loan personal loan it all depends. And 1700 take home is not bad at all.

Personal loan. Im thinking from 8 to 10k. And yes, 1700 is bad lol. And to make things worse its on probation. So Im thinking cash secured loan might be my best option because I have good savings.

myshirt

Expat00 wrote: »

Personal loan. Im thinking from 8 to 10k. And yes, 1700 is bad lol. And to make things worse its on probation. So Im thinking cash secured loan might be my best option because I have good savings.

How long have you been in adult employment? What do you want the loan for?

Expat00

myshirt wrote: »

How long have you been in adult employment?

For about 7 years but just arrived to Ireland 5 months ago.

amcalester

I think you'll struggle to get a loan from a bank if you're only here 5 months.

What is it for? That may influence the outcome.

Expat00

amcalester wrote: »

I think you'll struggle to get a loan from a bank if you're only here 5 months.

What is it for? That may influence the outcome.

Bit of everything really but mostly educational as well as investing in something I want to start.
Im kinda guessing the same, best I apply in 3 or 4 months or so...but then again Im thinking the combination of probation and what I see as low salary will make it impossible to get a loan.
So I thought at least hey maybe savings could help me cuz I have decent savings.

Eire Go Brach

Why get a loan at all? Your a great saver by the looks of things.
Loans cost money. It’s not your money. Only get a loan if you have to.
Keep saving and and spend your money. Your could join the credit union and get smaller loans to build up your credit.

miketheDIYman

Would you consider saving with your local Credit Union - they are much more likely to give you a loan than the banks especially if you are a regular saver and you will get a much more personal service from them.

Expat00

Eire Go Brach wrote: »

Why get a loan at all? Your a great saver by the looks of things.
Loans cost money. It’s not your money. Only get a loan if you have to.
Keep saving and and spend your money. Your could join the credit union and get smaller loans to build up your credit.

Its not an easy lifestyle always saving making little money. Not going out for pints, on dates, not having a nice place, watch what you spend all the time etc. I have discipline for it but not forever.

I wanna start something new and I need the money but I know I could return it easily.
Just know it will be difficult for a variety of factors so Im curious if anyone knowsof similar cases, ppl managing to borrow not making a lot or not having been here for long. That way I would have a better understanding of where I stand and also what banks would you say could be the easiest to work with?
I heard great things about KBC and also Im using Ptsb, they offer cash secured loans which is what might work the best for me.

Expat00

miketheDIYman wrote: »

Would you consider saving with your local Credit Union - they are much more likely to give you a loan than the banks especially if you are a regular saver and you will get a much more personal service from them.

Yeah? Absolutely I would consider it. But isnt an 8 to 10k loan a bit too steep for a union?
But having around 7k in savings maybe could help there a bit? Thx for the suggestion.

Jim2007

Expat00 wrote: »

I wanna start something new and I need the money but I know I could return it easily.

The bank will need to know what the purpose of the loan is. In this case it would appear to be a business loan and will be assessed as such. And given that on average 9 out of 10 startup businesses fail, they are very careful about such loans.

So things like your background in the business area, previous successful business adventures etc... a well presented business plan etc... will play a role too.

Have you though of seeking some to invest in your idea?

ace_irl

The credit union will offer a cash secured loan and you can pay it off extra every month if you want to with out being charged for it.

If you want to borrow around €8k why would you borrow if you have €7k in savings? surely it would be better to avoid the cost of credit and use your own savings?