looking for a loan ?

[john m]

Banking is dirtier than Drug debt collection .I kid you not .I dissolved a business partnership about 20 years ago .Went into the bank and was invited to talk to the Manager who advised that as I didnt have a pension I might consider investing in a property portfolio .The deal was I put the bit of cash and my Equity in my house up and then join a group of other investors to buy a Block of Appartments being built in Clondalkin .The basic deal was we would rent out the whole block to SDCC they would pay us the Rent Subsidy direct and we would collect the difference from the tenants .Now the deal was to be Interest only for 5 years .The Fella putting the deal togeather reckoned the Rent Roll would cover the Mortgage and Insurance for the first six years then the property value which was rising @ about 4% PA would mean that in 5 years we could sell as a going concern to another Property Company and take the Appreciation on the Property or re mortgage as the Value of the Property would be Greater than the Value of the Mortgages .I kept me house and spent the Cash to hand on Holidays ,Drink ,Car then wasted the rest .Two lads I meet got involved in that Scheme .banks decided they would not give Interest only Mortgages on existing projects as they now attracted Commercial Interest Rates .The whole thing sank quicker than a Shopping Trolley in the Ninth Lock .Use to work the NAMA rank some of the stories I heard about fellas walking away from millions in Debt and starting up again .The system is rigged the small man gets caught all the time if he lets them .

[john m]

When you think of the interest being charged by these banks on morgages,car loans etc it is absolutely outrageous the way they grill people wanting to know what you had for your breakfast.apart from that,I thought we,the tax payers own the banks now ?

Dalyer The Credit cards are Gangsters.I had a Gold card 9.2% I used it for work back in the day buy a few Grands worth of Steel or timber do the job wait to get paid then pay off the card so 3 month turn around on the job cost about 2.5% interest and the Cash was always available no need to go to the Bank to get a loan if you got a Good job in .Then the Credit cards over night went to 16% then 22.9 ..A lot of people who factored in 9% suddenly were paying 2.5 times the interest .I dont see an event where I will be able to justify 22% interest that I will need to use a credit card again .So I contacted them offered them the Principle no Interest they said No I said OK you get nothing they then agreed .Credit union is expensive money as well you have a Grand in savings borrow two you pay 12% interest on two Grand even though you are actually only one grand in Debt .I have returned to back pocket economics pay in cash .We all fell for the Credit high interest Loans .

[dalymount]

I always felt the credit union was the most expensive type of credit.they tell you its only 1%,but thats 1%,a month,which amounts to 12 % a year

[john m]

Anyway back on track .If your experiencing financial difficulties talk to your lenders dont hide from it .MABS are Ok but they start from the idea you will pay thats why the government and lenders fund them .

[john m]

I always felt the credit union was the most expensive type of credit.they tell you its only 1%,but thats 1%,a month,which amounts to 12 % a year

Its 12% PA on the outstanding loan amount not the deficit as in minus your savings .You cannot use your savings as they guarentee your loan so when your loan amount is smaller than your savings you are paying them to use your own money

[dalymount]

The local credit union in my area came up with the novel idea of allowing members to have loans within the shares. They promoted this as a feature.they would allow you to take out a loan equal to the amount you had in your shares.in other words they wanted you to borrow when you didnt have to,and pay them interest.I kid you not

[dalymount]

Credit unions have changed dramatically over the last few years.they have got far to big for their boots,trying to compete with the big boys.they have become arrogant as well.

[Bob Shillin]

You'd wonder how much truth is in those stories.   A year or two ago, it was all about sending money to/from gambling apps like Paddy Power.

On the flip side, banks and credit unions are full of cash that they don't actually want.  I'd imagine banks would only be too happy to lend it out on a 30yr mortgage.  Problem is getting the deposit together.  You'd need ~€50k in cash or more before the banks would talk to you.

My local Credit Union used to have a limit of €40k as the maximum amount that you could have in your account. They recently wrote to me regarding my stepfather's account, and who is a Ward Of Court, and I have Power Of Attorney, saying that the limit had been reduced to €20k, and seeking the information as to where to send the €1.2k surplus which he had, either by personal cheque to him, or transfer to a nominated bank account.

[john m]

Bob most Credit Unions are reducing how much you can have on deposit .If your CU has 5 million in savings on Deposit with the Bank the Banks are charging the Credit Union for minding their money for them through negative deposit rates .Banks are not paying interest on most savings .Read a report during the week that BOI is considering charging savers if they have more than 100K on Deposit to mind it for them .Banks no longer need your money to lend they can go to the printers and get as much as they want from the ECB or Federal Reserve .

Was reading about an Irish Reit (Property Company ) Builder buys a site costs 2million he gets planning for office block borrows 8 million to build it .Then he sells the whole block probably to another branch of his company for 20 million pays back the bank pockets the rest .Now the company that bought the building rents it out for on average 5% of its cost to buy .Probably 2% of the rent goes on insurance and running costs 1% on maintainance and security and local charges .Then of the other 2%  probably .5 to 1% interest Loan repayment leaving .5% of what they make as profit plus any appreciation in Property Values .This is fucking madness .We learned that working from home works a lot of those office blocks wont ever be occupied .If the Irish Banks got involved in lending to Builders again you would be safer keeping your money in a Maxwell House Jar in the kitchen cupboard .Property is a Fucking Ponzy Scheme usually the less of something there is the more it is worth but with Property the more offices you build the more existing offices are worth even when supply outstrips demand .

[dalymount]

Used to work with a Donegal man.he reckoned anyone who borrowed money for ANY reason including housr purchase ,was fukin mad .he reckoned no matter what you want,you should save up for it

[Shallowhal]

See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.

I saw a 201 WW Tesla model 3 back in Nov,no roofie on....headin in to Ikea....must have plenty of dosh!!

[silverbullet]

See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.

I saw a 201 WW Tesla model 3 back in Nov,no roofie on....headin in to Ikea....must have plenty of dosh!!

Bono's brother bought a few, s class IIRC.