borrowing for a student

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coleen

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can you advise the best loan for a student who has just done degree and has been offered place on masters and wants to get a loan to cover some of the amount i bank with aib but is anyone else doing a better deal
 
A couple fo years ago I was in a similar situation and took out a Postgraduate Loan with BOI. If I remember rightly the interest rate was "only" 6.3%
 
if you have a credit union account i'd recommend getting a loan from there better rate than any of the banks that i know of
 
Noor77 said:
A couple fo years ago I was in a similar situation and took out a Postgraduate Loan with BOI. If I remember rightly the interest rate was "only" 6.3%
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Im in a degree course at the moment
had to take out a loan last year to repeat 3rd year.
still paying it at 8.5% i think
but i have been told that after i finish the degree BOI will change the loan to graduate rate of ~6.5%
I think i would like to have that rate now and then change to the higher rate when i finish college as i will be working.
But yeah i have found BOI greeat to deal with and very fast reply as to wheither you have been approved or not.

went to Ulster Bank some months ago and it took them 2 weeks to tell me that i needed a parental guarentuer. i told them that wasnt possible but my 25 y/o brother, employeed withe the same comp for 3+ years would guarentee.
took them a further week to tell me that he had been declined as a good enough guarentuer. At no stage did they ask for any income details for me or my brother. all they knew was my name. Can they get a credit history on me?

went back to BOI and they gave me a top up loan in under 2 days
 
Judy said:
if you have a credit union account i'd recommend getting a loan from there better rate than any of the banks that i know of
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Can you post details of:

(a) the rate charged on the loan;
(b) the amount of savings required for the loan to be granted and the interest rate (dividend) paid on the savings;
(c) the credit union in question
 
To be honest not going to name the CU. The dividend is set every year and changes from year to year depending on how the CU does, granted it's not wonderful but neither is the interest paid on any bank account plus you also get a rebate on the interest you've paid over the year was 10% last year. The amount of savings depends on the credit union, they do try to help people out and the usual "rule" is you can borrow 3 times your savings but i borrowed a lot more when i bought my car. To be honest im not sure what the interest rate is at the present personally i just preferred to borrow from them at the time as they can be a lot more flexible than the banks in terms of payments etc
 
BOI gave me 5000 over 5 yrs with an overdraft of -€400 and credit card of -€800, and a part time job. I'm a member of two credit unions and dont think either would have given me a penny.
 
Judy said:
To be honest not going to name the CU. The dividend is set every year and changes from year to year depending on how the CU does, granted it's not wonderful but neither is the interest paid on any bank account plus you also get a rebate on the interest you've paid over the year was 10% last year. The amount of savings depends on the credit union, they do try to help people out and the usual "rule" is you can borrow 3 times your savings but i borrowed a lot more when i bought my car. To be honest im not sure what the interest rate is at the present personally i just preferred to borrow from them at the time as they can be a lot more flexible than the banks in terms of payments etc
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So you don't know what the interest rate payable was but you're sure that it was better than any bank????

And Rabo pay 3.35% on any balance of over €1-did your credit union beat that? And other banks pay more subject to certain terms and conditions.

As each CU appears to operate different policies with regard to interest rates, it makes no sense to make statements like

judy said:
if you have a credit union account i'd recommend getting a loan from there better rate than any of the banks that i know of
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And why not name the CU in question-did you avail of some connections to get the deal that you got? If that's the case, your circumstances may not be comparable to the OP's.
 
CCOVICH said:
So you don't know what the interest rate payable was but you're sure that it was better than any bank????
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fine i take it back then, was just giving an opinion that i found the credit union a good place to borrow from
 
I had a student account with BOI whe I was in college, recentely I need to take out a loan and I looked into loans in others banks and also through banking 365 as aposed to the BOI student store and the rates were much higher(bout 9 something % on average)where as with my BOI graduate account interest rates were about6%, I left college 4 years ago and this low rate still applies.
 
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