Term on personal loans

J

j0hnny

Guest
Does anyone know if there is a legal maximum term on personal loans?

For example: most of the offers around the moment are for a max term of 60 months.

Is this a legal maximum; or is there bargaining room for a lender to offer a longer term (like 10 yrs) on c.25k ?
 
What is the purpose of the loan? 10 years is normally considered a very long term to be repaying back a loan for the kind of things people use personal loans for e.g. cars, holidays, furniture etc. which is probably why the banks generally top out at 60 months. I doubt you could bargain it beyond this for these kind of items but if you were using the money for something for which a 10 year term is appropriate maybe they could be flexible but I'd say you would have to make a good case.
 
dam099 said:
...if you were using the money for something for which a 10 year term is appropriate maybe they could be flexible but I'd say you would have to make a good case.
Click to expand...

It's basically rescheduling my student loan (18k after a PhD), with a top up to consolidate credit card debt (5k). Student loan is with a credit union right now, but I'm not convinced they're competitive lenders.

A five year term just isn't realistic...
  • given the pitiful state of junior academic salaries, and
  • other monthly commitments (be they rent, or possible mortgage).
 
Here's an update:

AIB Graduate Loan
  • 3% off standard variable rate; but capped at 5 years
  • quoted 10.x on >5yrs
SimplyMortgages.ie
  • 7.75% on 25k over 7 yrs
  • DECLINED
  • (Monthly takehome is 2k, ICB should be clear )
The Local Credit Union
  • apr 10.5%
  • previously received annual interest rebate of 350 on 18k
  • Max term of 5 yrs-- even though own their online calculator runs to 10
  • They seems reluctant to extend the term; or compute anything not already on their Ready-Reckoner
Any advice folks??
 
are offering 6.9%(apr) fixed rates for loans >€20k.

[broken link removed].

Unfortunately they seem to only offer over a 5-yr term.

This seems to be the best advertised rate currently on offer.
 
irishpancake said:
are offering 6.9%(apr) fixed rates for loans >€20k.

[broken link removed].

Unfortunately they seem to only offer over a 5-yr term.

This seems to be the best advertised rate currently on offer.
Click to expand...
When did you take that screenshot Pancake?

This is what I'm getting...
 
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