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Loans with poor credit

  • 19-05-2022 12:13pm
    #1
    123456789j
    Registered Users Posts: 78 ✭✭


    Hi there, 

    I am thinking of applying for a small credit union personal loan (3000-5000) in order to go travelling and other personal expenses. I have a full time job, however my credit history is poor as missed a couple of payments on a previous loan over 3 years ago (now paid off). i was hoping to rebuild my credit rating also. 

    I am wondering do credit unions allow people to act as guarantor on such a loan? And if so, how likely is it that my loan would be approved if guaranteed by someone with a strong credit rating with savings?



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    Since it is a small loan, you are better off saving over a few months.

    There is not credit rating... it is simply a record of your past financial behaviour. And having to get a guarantor in order to get a small low will not instil confidence in any lender, but being able to demonstrate a track record of saving would go along way to conuter previous behaviour.



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