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Is it hard to get a loan these days?

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  • 05-05-2009 5:22pm
    #1
    Tom Dunne
    Registered Users Posts: 23,212 ✭✭✭✭


    I'm thinking of taking out a loan to consolidate credit cards and I'm wondering if it is as bad as they are saying it is?

    Situation: low enough mortgage, nowhere near negative equity (bought 12 years ago), credit rating is fine, two steady incomes, no dependants, no other loans.

    What are my chances?


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    #2
    Gordon
    Registered Users Posts: 35,524 ✭✭✭✭Gordon


    If it's anything like Britain your chances are slightly worse, but banks are still lending. Word of warning though - rate will probably work out higher than it would have last year.


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    #3
    dossier
    Registered Users Posts: 56 ✭✭dossier


    I got a loan from BOI last week of €1500.

    That is with no assets and a bad credit rating (a few unpaid dds)

    And they allowed me to defer payments until June.

    So definitely worth trying


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


    It's worth a shot, the only thing is are you trying to amalgamate debts from another institution? If so, a lot of banks are reluctant to take on outside debts, so that's something to be aware of.


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    #5
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Be aware also that if you're on a tracker variable rate mortgage, you may have to give up your tracker rate to get a top-up loan or re-mortgage so you may end up paying a higher rate on the existing mortgage for the remaining term.


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    #6
    Tom Dunne
    Registered Users Posts: 23,212 ✭✭✭✭Tom Dunne


    Toots85 wrote: »
    It's worth a shot, the only thing is are you trying to amalgamate debts from another institution? If so, a lot of banks are reluctant to take on outside debts, so that's something to be aware of.

    Well, it's two credit cards which I stupidly took out a few years back during the good old days. One is with the bank I have my current account with, the other is MBNA.
    ferga_com wrote: »
    Be aware also that if you're on a tracker variable rate mortgage, you may have to give up your tracker rate to get a top-up loan or re-mortgage so you may end up paying a higher rate on the existing mortgage for the remaining term.

    No tracker mortgage here, I had to wonderful foresight to lock into a fixed rate mortgage, just when rates started to fall. :o


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    #7
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Tom Dunne wrote: »
    Well, it's two credit cards which I stupidly took out a few years back during the good old days. One is with the bank I have my current account with, the other is MBNA.

    Hmmm, well I'd say they'll probably do a restructure of the credit card that is with them, a lot of people are doing this at the moment, although they might impose a condition that you either cancel the credit card, or drastically lower the limit. I'm not so sure whether or not they'll do anything with the MBNA one though.


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    #8
    flatpack
    Registered Users Posts: 56 ✭✭flatpack


    i have ulster bank credit card and one with mbna, ulster bank offered to pay off all my card bills but with one condition that they'll cancel my cards and can let me have one with very small limit (about 1500).
    Toots85 wrote: »
    Hmmm, well I'd say they'll probably do a restructure of the credit card that is with them, a lot of people are doing this at the moment, although they might impose a condition that you either cancel the credit card, or drastically lower the limit. I'm not so sure whether or not they'll do anything with the MBNA one though.


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