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Personal loan from AIB. How long does it take?

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  • 20-07-2009 1:53pm
    #1
    obriengerry
    Closed Accounts Posts: 10 ✭


    Hey guys

    I've a simple question, how long does it take to get the money after you've applied for a personal loan? I know different circumstances mean different times. Its for 12k.

    Thanks

    Gerry


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Usually you indicate a drawdown date on the application. Did you specify a drawdown date?

    If there is no specified drawdown date, or if you did, but it was unrealistic, then you should get the money as soon as everything is processed. By process, I mean that they have received all the documentation and that it is correctly signed.

    Even after that, it might take up to 10 more days as there is a "cooling-off period of 10 days for loans. This basically means that the bank must give you 10 days to change your mind after signing the documentation. There should have been a waiver of some sort on the documentation where you could indicated that you do not wish to wait the 10 days.

    To the best of my knowledge, all this would be the same procedure for all banks (including AIB) as it's all fairly standard stuff (based on basic lending best practices and regulations).


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    #3
    chasm
    Registered Users Posts: 2,083 ✭✭✭chasm


    obriengerry wrote: »
    Hey guys

    I've a simple question, how long does it take to get the money after you've applied for a personal loan? I know different circumstances mean different times. Its for 12k.

    Thanks

    Gerry

    Hi Gerry
    i applied for a loan recently with aib, did it over the phone with my local branch- applied on a tuesday, received paper work on the wednesday which i returned to local branch the same day and it was in my account by the Friday. as you said "different circumstances" and all that.


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    #4
    obriengerry
    Closed Accounts Posts: 10 ✭obriengerry


    Thanks


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    #5
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    chasm wrote: »
    Hi Gerry
    i applied for a loan recently with aib, did it over the phone with my local branch- applied on a tuesday, received paper work on the wednesday which i returned to local branch the same day and it was in my account by the Friday. as you said "different circumstances" and all that.

    Wow! Impressive turnaround! I remember getting a loan from AIB branch in UCD, took longer than this, maybe over a week, but then it was a student loan and I had to get a guarantor involved and all that.


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    #6
    chasm
    Registered Users Posts: 2,083 ✭✭✭chasm


    pog it wrote: »
    Wow! Impressive turnaround! I remember getting a loan from AIB branch in UCD, took longer than this, maybe over a week, but then it was a student loan and I had to get a guarantor involved and all that.

    yeah i was pretty impressed myself- hadnt finished planning what i was buying with it!!


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    #7
    footballcrazy
    Closed Accounts Posts: 82 ✭✭footballcrazy


    Just got my Loan aplication form AIB approved there today. Only applied for it yesterday. I have a terrible credit history with AIB. Tried other banks aswell and answer was no. Cant believe they accepted it. Happy days :)


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    #8
    footballcrazy
    Closed Accounts Posts: 82 ✭✭footballcrazy


    When you go down and fill out the documentation for a loan does the money come into your account straight away? Its been approved by the bank and all that craic. Just have to go down and fill out a few forms tomorow.


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    #9
    chasm
    Registered Users Posts: 2,083 ✭✭✭chasm


    footballcrazy wrote: »
    When you go down and fill out the documentation for a loan does the money come into your account straight away? Its been approved by the bank and all that craic. Just have to go down and fill out a few forms tomorow.

    No! Lol They can be quick but not that quick! They have to process it first, Id say Monday if they are efficient. They sent the documentation to me how come you have to go down to the bank?


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    #10
    footballcrazy
    Closed Accounts Posts: 82 ✭✭footballcrazy


    chasm wrote: »
    No! Lol They can be quick but not that quick! They have to process it first, Id say Monday if they are efficient. They sent the documentation to me how come you have to go down to the bank?

    Because the bank is only a few minutes from me. If I got it posted it would take a few days.

    Seriously though I thought once you sign the documentaion then it should go into your account straight away?


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    #11
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Does the loan documentation state a "drawdown date"?

    I would be surprised if you got it immediately. For processing/accounting purposes, the money would typically be drawn down overnight. If you have everything signed tomorrow, I would expect the money to be drawn down by Friday morning (Monday at the latest). When you are with them tomorrow, you can ask/specify.


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    #12
    footballcrazy
    Closed Accounts Posts: 82 ✭✭footballcrazy


    dotsman wrote: »
    Does the loan documentation state a "drawdown date"?

    I would be surprised if you got it immediately. For processing/accounting purposes, the money would typically be drawn down overnight. If you have everything signed tomorrow, I would expect the money to be drawn down by Friday morning (Monday at the latest). When you are with them tomorrow, you can ask/specify.

    I havnt looked at the forms yet. Have to go down tomorow to sign them. The fact that I am an AIB customer and have had previous loans I think the money should go in straight away. As far as I can remember once I signed the forms last time it went into my account on the same day.

    Ill let you's know tomorow anyway.


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    #13
    obriengerry
    Closed Accounts Posts: 10 ✭obriengerry


    I got approved for mine but now i've another account called "loan" on my internet banking. The account says 0euro but i can take it into the dr but i'm not sure if the bank transfers the money for me or do i take it into the dr myself? Anyone got any experience?

    Thanks, Gerry


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    #14
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    The bank will update that in due course.


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    #15
    obriengerry
    Closed Accounts Posts: 10 ✭obriengerry


    Thanks


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    #16
    Creane
    Registered Users Posts: 3 ✭Creane


    Hi, same thing balance with zero. Does it take a few days for the loan amount to show up or do I take it into a debit balance myself? Thanks


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    #17
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    BuffyBot wrote: »
    The bank will update that in due course.
    Creane wrote: »
    Hi, same thing balance with zero. Does it take a few days for the loan amount to show up or do I take it into a debit balance myself? Thanks

    As per above:
    BuffyBot wrote: »
    The bank will update that in due course.


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    #18
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Old thread. No bumpsie


This discussion has been closed.
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