Do banks check CC account when applying for a personal loan

A

Amydances

Guest
I applied for a top up of 1600euro on top of an already existing small loan of 1000euro. At the time of my application my credit card debt was about 600euro which the bank know about.

I have the papers for signing which are ready for sending and then the bank will do their final checks etc..

However, I had an emergency at the weekend with the car and ended up having to use my CC card to a tune of 1,000euro.

My question is, should I now inform the bank I am seeking the top up from? I presume they will check the CC..? thanks
 
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Brendan
Administrator
 
Not necessarily, some banks will just take it on faith that the funds will be used for the stated purpose, and not do further checks, others would pay the credit card company directly once the loan has been drawn down. Its more likely that the bank would pay the card off on your behalf if both the loan and card are with the same company. Would be worthwhile to give the bank a ring and make some casual enquiries as to how you go about paying off the card, ie if they do it on your behalf, or if all the loan funds go into your current account for you to do yourself.
 
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