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Ulster Bank personal loan question.

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  • 11-10-2010 10:22am
    #1
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭


    I rang Ulster bank and applied for a loan on the 30 September. The guy said its been approved subjet to inspection of futher docs (credit card bills) I already have my main accounts with them. He said a pack would be sent out within 24hours but there is still no sign of it. Do I have to wait on it or can I just go to a branch with the docs and sign for it there?

    Also another thing he said was I could pay off the personal loan early without any fees being charged? I did not question it at the time but I thought for fixed loans you are usually charge about 3 months worth of interest if it is cleared early? If this is the case can I make extra payments every month and clear the loan eary without being charged?

    Thanks


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    #2
    dekbhoy
    Registered Users Posts: 481 ✭✭dekbhoy


    Jet Black wrote: »
    I rang Ulster bank and applied for a loan on the 30 September. The guy said its been approved subjet to inspection of futher docs (credit card bills) I already have my main accounts with them. He said a pack would be sent out within 24hours but there is still no sign of it. Do I have to wait on it or can I just go to a branch with the docs and sign for it there?

    Also another thing he said was I could pay off the personal loan early without any fees being charged? I did not question it at the time but I thought for fixed loans you are usually charge about 3 months worth of interest if it is cleared early? If this is the case can I make extra payments every month and clear the loan eary without being charged?

    Thanks


    Experience i had with them is if they dont contact you in reasonable time means they have changed their minds on the loan , but for some reason wait for to contact them to tell you the bad news.


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    I got the agreement in the post today. Then a text saying I only have 28days from the original application to return the signed form or it will be void.
    Should of made the application branch and it would have been quicker.

    I think I can also pay as much as I want per month as long as its more than what I should be paying. I only thought you could do this on a variable loan, but it says in the terms once it does not exceed 10k I wont be charged.


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Your correct about the extra repayments. Any lump sum over 10k can result in you paying an extra charge. Its a handy feature knowing that you repayments are fixed but you can add more without penalty.

    You can pay extra per month if you want but you must go into your bank to do this. Bring the documents into your local branch and give them in. That way you'll know that you have handed everything back in thats needed.


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    #5
    Murilloinf
    Registered Users Posts: 187 ✭✭Murilloinf


    Jet Black wrote: »
    I got the agreement in the post today. Then a text saying I only have 28days from the original application to return the signed form or it will be void.
    Should of made the application branch and it would have been quicker.

    I think I can also pay as much as I want per month as long as its more than what I should be paying. I only thought you could do this on a variable loan, but it says in the terms once it does not exceed 10k I wont be charged.


    Jet, if you don't mind me asking, after sending it back to them, what is the timelimne ?


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