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Bank loan??

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  • 29-03-2009 2:21pm
    #1
    anmhi02
    Registered Users Posts: 152 ✭✭


    Hi ya all.....can anyone tell me in all honesty, are the bank (BOI in particular) actually lending money to anyone these days? To cut a long story short, l want to get 5k to change my car. Been with the bank for years and have had no problems, thankfully. Have a regular income, thankfully,and mortgage! But have a loan with them already for home impovements that l took out last year. Dont want to mortify myself by applying for it to be told they arent leanding. All answers recieved most gratefully


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    #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    I applied for 10k shortly after the recession hit and although I didn't take it up in the end, it was accepted. Your current loan might preclude a second application though, might be better to talk to them about extending the current loan first.

    adam


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    #3
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Yes, BOI are lending. Like every other institution (well the ones that are still lending anyway) their lending criteria have tightened, so they'll be stricter on what they lend. You have two options, you can either top up your existing loan, or your could apply for a second separate loan. If you're unsure whether or not you'll get approved, make an appointment to see the lending officer at your local branch, they'll be able to have a look through your account and see if they feel it'd be worth your while putting up an application.


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Banks are lending alrite but on stricter criteria. TBH I wouldn't waste your time going for a loan if you have 1 or more of the following:

    - Bad credit history.
    - No / poor repayment capacity
    - Constantly in overdraft (i.e hardcore on a/c < 30 in credit).
    - Constantly Excessing (i.e forcing credit)
    - High credit card debt / other debt


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    #6
    pjproby
    Registered Users Posts: 842 ✭✭✭pjproby


    are they lending to clear credit card debts?


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    #7
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    pjproby wrote: »
    are they lending to clear credit card debts?


    It would depend on your circumstances.


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    #8
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    pjproby wrote: »
    are they lending to clear credit card debts?
    kaiser sauze wrote: »
    It would depend on your circumstances.

    and also whether the credit card is with themselves or another institution. In general, banks are very reluctant to take on the debts of other banks at the moment.


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    #9
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    and also whether the credit card is with themselves or another institution. In general, banks are very reluctant to take on the debts of other banks at the moment.

    And some are flatly refusing to do so at the minute.

    Regarding Credit card debt - when I was doing personal lending I always encouraged people to reduce the limit on their card / get rid of it because I knew damm well that an underwriter would tell me to anyhow. To be fair if you need a loan to pay off your credit card your limit is too high and not managable.


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