Chance of getting a loan

J

JohnJay

Registered User
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I havent had to apply for a loan for years, and I think things are now probably much different than they were 6/8 years ago.

I'm loking to borrow about 12,500 over 5 years. I have no debts other than my mortgage, and am saving on average €800 per month for the past 6 months (€400 by direct debt, the other 400 when I have it to spare). I dont have a credit union account. My credit rating is 100%.

What are the chances of me getting a loan? Are the banks giving anything these days? I hear BOI advertising that they have money to loan. Am I better to apply in a branch so that I can do it face to face?

Edit: Full time, secure job.
 
HI Johnjay

Virtually impossible,in my experience to get the banks to do unsecured personal loans these days. It would be prudent to open a CU account & direct at least some of your savings there Most have a 3 mth. membership rule but this may vary ie they will not loan to you until the 3 months are up. If you are in a hurry talk to your bank & perhaps they may be able to accomodate you on along the lines of a secured personal loan,
 
thanks Jonny.
I applied online to BOI tonite, so I'll see how I get on.
Oh, I remember the old days when you were pre-approved for 15k eventhough you only earned 10k!
 
BOI are lending to 'good bets' as are the Credit Union IME, just more hoops to jump though.
 
I dont know yet. I applied online last Wed night. Got a call today from a nice lady from BOI to go through my application and quiz me on a few things on my BOI Current account (direct debts, wage payments, etc). She said they will let me know in a few days if my application was sucessful by letter. I didnt bother asking her about my chances - she didnt seem to be the sort that would know.
 
NIB are doing loans too. Unfortunately, they require your salary to be mandated into the account to even consider an application.

As I'm working in the North and paid in sterling, I can't mandate my salary into my NIB account and can't apply for a Northern loan as I've no UK Credit History.

Bit of a catch-22 for me so I've restarted saving in my dormant credit union account.
 
AndyDub said:
Did you have any luck?
Click to expand...

They phoned me today to tell me that my loan has been approved "subject to conditions". According to the guy from BOI, these are just that I have to send in a copy of my passport and a recent utility bill.

In fairness to BOI, it has been a fairly easy process so far. I applied a week ago and they aproved it without any major issues.
 
Spear said:
Is this their official position?
Click to expand...

Well I didn't get it in writing or anything but, when I spoke to the advisor on the phone, she asked whether I could mandate my salary into the account.

When I explained my situation, she says she'd put the application through if I liked but it was highly likely to be declined.

I told her not to put it through because I don't want the credit search listed on my ICB report if it's only going to end up declined.
 
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