Hi there can I get some advice. Friend needs to borrow 20k but only temporarily and will pay it back ASAP within the next year.
Person is sponsoring family for migration and just needs that money to be in the bank account temporarily as evidence of being financially secure. Would this be the right way to go about it? Is there a bank/credit union or financial institution you can recommend?
Personal loan recommendations?
Sydneyswans on 05/11/2021 - 00:01
Comments
True true. This persons relatives who need the assistance are moving to Canada not Australia. I would assume they would only need the bank statement. If a friend or family member was to simply either transfer the money required or take out the loan under their own name and then transfer the money I'm guessing the relevant immigration department would question how they obtained those amounts?
They may ask to see evidence of it being "genuine savings" like a bank would if you were applying for a home loan, in which case, it needs to be in there for 3-6 months generally.
Friend needs to borrow 20k but only temporarily and will pay it back ASAP within the next year.
NONONONONONONONO.
In case you didn't get it. NO!!!!
Friends don't ask friends for loans.
They're not lending the friend the money
Is there a bank/credit union or financial institution you can recommend?
Your friend is an idiot, took 5 seconds in Google to see that their plan won't work. They should probably do more research for such a big decision as moving overseas. https://www.prepareforcanada.com/faqwd/how-much-money-will-iā¦
average balance for the last six months for each bank and current investment account.
(ā_ā)
You don't actually need to hold the funds for 6 months. They do this to check for exactly what OP is trying to do, borrow a large sum just to enter the country, so it would trigger red flags straight away that you need to be able to explain. Some provinces have seperate requirements of holding it for 3 months though.
I did this about 15 years ago when I moved to Canada, while they didn't really check anything I had documentation of my share trades (shares don't count towards the funds on hand) and sale of my car to show how I freed up the funds. The average funds was something like a couple of grand but it didn't matter.
You need unencumbered funds to enter Canada though, so the fact there's a loan funding it is the problem. It's still possible to do, OP's friend could get the loan and get a notarised letter stating they're gifting that amount to the family. But that means they can legally just keep it.
Personally I'm wondering how they're going to sustain themselves in another country if they don't have a job offer and don't have any money. You can't get financial support from the government, so what are they going to live off?
Looks like Canada wont be the destination now….
Can I say it again. you friend is an idiot. Can you tell him/her to read this. Again, he/she is an idiot.
Lol is this a Nigerian scam
You'll need to ask Prince OogaBooga
Getting a 20k loan when you have no money is the opposite of being financially secure.
Migration denied.Part of any migration would require you to proof source of funds. If you cant proof that the $20k came from normal business activity or past employment earnings. This whole plan is not gonna work. Before you try to pull any tricks up your sleeve with an immigration department, do remember they have been around much longer than you.
Do they run a credit check or only want a copy of the bank statement?
If they run a credit check, they'll ask what the loan is for and see that it was taken out at the same time the money appeared in the account.