Rabo Credit Account

I

Irishchappie

Registered User
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Hi there,

Looking for a bit of advice on the Rabo Credit Account from anyone that has one..

I was looking at this the other day with the intention of consolidating a few bits n pieces of loans/car finance etc that I have together. The main reason being that I have money coming to me over the next few months from a few sources and I like the idea of being able to lodge a lump sum into one account at various and be able to see the difference straight away. Its a case where I do once off jobs and can lodge lump sums immediately..

What also appeals to me is being able to draw down temporarily on a an amount for a short period without having to go through the hassle of applying for a loan everytime I want to make a big purchase and end up clearing it ahead of schedule which I usually do and get "fined" for doing it.. :mad:

So a few questions:


  • Is the penalty for clearing the amount owed in a shorter than stated period of time?
  • Can you continually draw down on it, such as if I'm cleared for €20k owed say €8k, paid off €4k, can I draw down another €4K without giving notice?
  • Anyone come across and hidden little extra charges around there somewhere???
Do anyone recommend these over the standard type of loans etc?

I.C
 
Irishchappie said:
So a few questions:


  • Is the penalty for clearing the amount owed in a shorter than stated period of time?
  • Can you continually draw down on it, such as if I'm cleared for €20k owed say €8k, paid off €4k, can I draw down another €4K without giving notice?
  • Anyone come across and hidden little extra charges around there somewhere???
Do anyone recommend these over the standard type of loans etc?

I.C
Click to expand...
As far as i'm aware;

1) No Penalties.
2) You are cleared for a given Credit Limit. Then you can draw down what you want of it. I think you have to repay at least €1,000 or a certain number of payments before you can drawn down again, up to you limit. When you request a drawdown they ask if your circumstances have changed from when you orginally made draw down. I think in the T&C's they say they will do a credit check each time you drawdown.
3) I'd say the extra charge is in the interest rate which is probable higher than you could get if you shop around.

I think its really flexible, and i use it for timing delays and a "just in case facility". eg want to pay for holidays in March but don't have the cash until July.

They have quite strict lending critrea i believe, but nothing wrong with that.Also I found them very helpful. The speed of the loan process was very good.

I don't work for them or have any connection with them btw
 
Yeah it seems very good alright and the fact that they are an internet bank means everything is accessible online, which is another thing I like..

I know what you mean about the just in case, thats another thing that is attracting me to the idea of that over a standard loan. The interest is a bit higher, up to 1% p.a for the amount Im looking to get approved for but to be honest, I plan on having the amount paid back well before the duration of the loan is up..

Cheers for the feedback DT

I.C
 
I have this product and got approved for €20k and initially took €18k of this. Over the year or so I paid back €5k. A couple of weeks ago I went back to drawdown an extra €2k but was refused. I rang friends first to ask why and I was told that maybe my financial circumstances had changed. On the website when you request a drawdown it asks have your financial circumstances changed, I said no because they haven't and I know my credit rating hasn't changed because I checked. I was really annoyed because the account is advertised as being a "smarter alternative" and it's flexible to drawdown money when you want and change your repayments when you want but the reality is that it's just a normal loan with none of the bells and whistles advertised. Get a tesco loan with 6.9% interest.
 
I also had a Rabo Credit Account last year, but got rid of it. When I requested a second drawdown, it was refused and no satisfactory reason given. TBH I think it was because of the current economic situation as opposed to my ability to repay. My financial situation had not changed. It is a misleading product - my advice to anyone is stay well clear - it does not do what it says on the tin!!
 
Must be down to your indiviual circumstances as i have successfully drawn down several times.
For me it does exactly what it says on the tin.
 
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