Getting a loan before emigrating - advice?

familyguy

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Myself and my OH are moving to the UK in the near future to take up new employment opportunities.

Having budgeted for the move taking into account the cost of getting set up over there, accomodation, travel, expenses etc etc we thought it might be in our best interestes to obtain a loan of maybe 3-4k to enable us to get set up without being out of pocket and struggling early on.

We would intend to pay it back monthly over 36 months.

I was just wondering would it be possible to go into the bank and apply for such a loan if we're emigrating or would they need to see proof of employment contracts in place etc.

Would it be easier to just say it's for a new car and leave it at that? Seeing as we'd be paying it back direct debit from one of our accounts?

We both have good credit ratings for what it's worth.
 
I know of a couple who were in a similar situation. They applied for a loan with their Irish bank before leaving, citing the reason as personal expenses. They did not inform the bank that they would be emigrating. It was approved based on their credit rating and current income in Ireland. They then moved abroad and paid the loan back from their Irish bank account by direct debit. As far as I know, the bank was none the wiser.

As an aside, getting credit in the UK takes time and effort. Even if you don't plan on needing credit there, you should start building your credit history right away, just in case.

There are several high-APR credit cards with low limits, which you can use for bills/groceries and pay off immediately with your debit card. After a few months, you will have begun to build your credit rating. You can also apply for a bill-pay phone which will further boost your rating.

Best of luck with the move.
 
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I know of a couple who were in a similar situation. They applied for a loan with their Irish bank before leaving, citing the reason as personal expenses. They did not inform the bank that they would be emigrating. It was approved based on their credit rating and current income in Ireland. They then moved abroad and paid the loan back from their Irish bank account by direct debit. As far as I know, the bank was none the wiser.

As an aside, getting credit in the UK takes time and effort. Even if you don't plan on needing credit there, you should start building your credit history right away, just in case.

There are several high-APR credit cards with low limits, which you can use for bills/groceries and pay off immediately with your debit card. After a few months, you will have begun to build your credit rating. You can also apply for a bill-pay phone which will further boost your rating.

Best of luck with the move.

Thank you!
 
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