Need large personal loan

iuaubg

iuaubg

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Hi, can anyone recommend if banks or credit unions are best to approach for personal loans. I need to borrow €50K a lot of banks when I go to apply for this amount are asking if it's for wedding/home improvement/Holiday etc. I want the loan for other personal reasons without having to divulge or lie to the banks.

This probably sounds like I have caught myself in some financial trouble which is not the case nor any illegal activities! But it seems like most banks want a valid reason that doesn't tick the boxes of what I'm looking for nor would I prefer to divulge.

I've no financial commitments and have €5k p/m after tax so not concerned about repayment.

If banks are best bet, anyone have experience with large loans? Avant seem good for rates but none of their loan types match the criteria of what I want.
 
Apart from 5k per month, what else have you as back up? We have no idea what you do with your 5k every month and only have your word that you have no financial commitments. Credit unions are dear for personal loans but imagine they'll want to know what you want the money for, as would any financial institution. Can family or a friend help?
 
noproblem said:
Apart from 5k per month, what else have you as back up? We have no idea what you do with your 5k every month and only have your word that you have no financial commitments. Credit unions are dear for personal loans but imagine they'll want to know what you want the money for, as would any financial institution. Can family or a friend help?
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Fair points, I have savings of €80K but what I can't really divulge is that I am keeping that for a very ill parent and I will be relying on this money should circumstances require.

€4k of my earnings goes into regular savings. Unfortunately, I can't get money from others.
 
iuaubg said:
. I want the loan for other personal reasons without having to divulge or lie to the banks.
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Banks/lending institutions will want to know the reason for the loan.

If you’re in business and need cashflow, the banks are lending as part of the State guaranteed scheme - they’re flexible on the reasons for business eg working capital, maintenance of the business during the pandemic etc.
 
A bank has every right to ask you what the money is for. If you don't want to tell them the real reason, then lie to them and tell them you want to buy a car. Saying that you don't want to tell them won't work and will only cause suspicion, which will result in your loan being refused.
 
Jayom75 said:
Banks/lending institutions will want to know the reason for the loan.

If you’re in business and need cashflow, the banks are lending as part of the State guaranteed scheme - they’re flexible on the reasons for business eg working capital, maintenance of the business during the pandemic etc.
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While they might enquire what the loan is far, they are unlikely to check whether you actually got married, which kitchen you had installed or what new car you bought...
 
I think you will have to give a reason anyway. As a new customer you will be most likely subject to some sort of anti money laundering assessment. You can't pass this if you don't want to disclose the purpose of the loan application.
 
Alkers86 said:
While they might enquire what the loan is far, they are unlikely to check whether you actually got married, which kitchen you had installed or what new car you bought...
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I was under the impression if it was a car/wedding they would ask for proof or bills? Particularly large amount.

Have a lot of responses here and just want to thank everyone, I think if I had to I'd divulge with the bank and it's a decent enough reason (just not what their loan categories cover) but my main hesitancy is divulging to the world what the reason is :)
 
iuaubg said:
I was under the impression if it was a car/wedding they would ask for proof or bills? Particularly large amount.

Have a lot of responses here and just want to thank everyone, I think if I had to I'd divulge with the bank and it's a decent enough reason (just not what their loan categories cover) but my main hesitancy is divulging to the world what the reason is :)
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You're not divulging to the world, it is confidential.
 
Technically speaking, misleading on the application could be deemed to be misrepresentation. If the bank found out, they could try and cancel the loan. Unless you think the reason you are applying for the loan is either illegal or going to result in the application being refused, I'm at a loss as to why you would try and mislead them.
 
If you have €80k and you’re saving €4k a month, you’d have the €50k replenished in 12 months. Why bother borrowing it at all?

Also, people can provide greater assistance if you tell us what it’s for.

Most people have heard it all before, so whether it’s for a sexchange, to have a shot at golf tour school, or to buy a mail-order bride, nobody really cares and it’s anonymous.
 
I think most people who borrow from the credit union say it is for a new kitchen or a car and then go on holidays or spend it on a party and never end up with the car or kitchen.

Your repayment ability is fine. Perhaps when you decide to buy that €50K car you change your mind after you get the money and use it for something else?
 
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