How long should a loan approval/rejection take these days??

dohda

Hi,

I applied for a loan from the BOI on Wednesday 29th of April and still have not heard anything back. I have rang the bank repeatidly and keep being told it takes as long as it takes.

Few details:

Joint loan: (partner not with bank but supplies 6months bank statements, passport id verification and utility bill on day of application.

Im with the bank 12 years and have always had a good relationship with them.

Neither of us has ever missed a repayment on anything.

Both of us have cleared all our existing loans and have some savings.

Should I be looking somewhere else? Is there a problem? Or does it really take this long nowadays?

Thanks for the help.

dohda

Im not looking for exact times on this by the way. Was only curious if in the current economic climate waiting 2 weeks to hear if a loan was approved/rejected was realistic or if something had gone amiss.

Toots

Hmmm, so it's been 6 working days since you applied for the loan. This would be slower than normal, although I know that everything is being sent to underwriters so that could be why. I would assume if it was a straight decline that they would have told you already. I know there was a problem with the computer program on the loan system on Thurs and Fri of this week, so that could have held things up. Did you apply online or through a branch?

dohda

Sorry my internet went down and has only come back up. I handed in the details in the bank itself along with all the other paperwork they would have wanted.

Do you know was the problem specifically with the online application or with the loans approval info itself??

Toots

The business unit that processes the online applications had problems with the computers that day, but AFAIK the branches were grand.

If you haven't heard anything by tomorrow lunch time, I'd call them again. How many times have you phoned them? Has it been daily since you applied for the loan?