Quick question about loans!

[Bax]

If you want to get yourself a lovely pile of debt. Either sell some more weed or why don't you go to one of those shady places. Maybe an interest free loan. Depends what you want to buy.

None of the reputable places that you'd want to deal with will touch you.

 

[Doubleshadow]

Don't you believe them. You can get a loan with no job (probably not from the bank). But the rates would be very high and the people you can get the loan from would break your legs if you are late with your payment .

 

[commsirac]

Not familiar with any laws here, but would have thought that a loan is possible without a job if there is something else for the bank to fall back on in the event of non ability to make repayments and you can logically explain where the money is coming from for the repayments. Just having a job isnt the only criteria, one could be without one tomorrow.

Examples of security: Mortgage on house, car.

Loan guarantor?

 

[minux]

Not familiar with any laws here, but would have thought that a loan is possible without a job if there is something else for the bank to fall back on in the event of non ability to make repayments and you can logically explain where the money is coming from for the repayments. Just having a job isnt the only criteria, one could be without one tomorrow.

Examples of security: Mortgage on house, car.

Loan guarantor?

You need to provide proof of consistent income to the bank.
The bank will not give you a secured loan without an income of any sort.
You must still provide proof of income even with a Guarantor.

 

[OLS108]

You need to provide proof of consistent income to the bank.
The bank will not give you a secured loan without an income of any sort.
You must still provide proof of income even with a Guarantor.

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IT IS ILLEGAL for ANY finance company or bank to provide Finance to ANYONE who can not show adequate ability to service the Loan on their own, EG you don't work but your mum earns 100,000k a year... and has offered to be a guarantor for you ??? Nope.. not good. if your mum Dies then who is paying your loan ?? no one.. account falls into arrears, Finance company charges off account and sells to a Debt collector. Finance company's also have credit ratings which effects their ability to obtain finance through the overseas market. If you have a Personal Loan with ANZ and the account is $300 behind but you still owe $40,000. the finance company's records indicate that they have a $40,000 debt in arrears. While one account behind is not a drama, a company with a lot of debt in arrears will be charged a higher interest rate to borrow money, therefore passing the rate onto us as the consumer... Now... lets have a rethink about this again.. Do you think a bank or Finance company are going to take that kind of risk even if they were allowed to ??? nup me either..
Cheers

Dave