Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Overdraft extension or student loan?

Options
  • 23-05-2011 5:33pm
    #1
    Faith
    Moderators, Society & Culture Moderators Posts: 30,657 Mod ✭✭✭✭


    Hi all,

    Need a bit of quick advice. I have a student account with Ulster Bank. Up until February or March, I had an interest-free overdraft of €1000. Due to being in my final year of college, I had to stop working part time and got my overdraft extended to €1500 with no issues. In the next 2 or 3 weeks, I'll be back to working full-time, bringing in approximately €350 a week. But I've completely run out of money right now. I want to move out of home asap for reasons I won't get into here, but obviously I can't afford it yet. I'm going to go to the bank tomorrow and chat to them, but I was wondering if you kind people think I'd be better off asking them to extend my overdraft by €1000 temporarily (or whatever the maximum is, if it's less than €2500), or should I apply for a student loan of €1000? I prefer the idea of the overdraft extension, but which would they be more amenable to do you think? I'm sure they're not handing out loans easily these days. Either way, it's just a temporary boost until I get on my feet with work.


Comments

  • Options
    #2
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    If you are starting a full time job then they will probably want you to take a loan out to clear the current over draft and then top up whatever extra you need.

    As you are no longer a student,and your OD was based on being a student,this may be the only option you have.

    I will say however that UB have always been sound as a pound with me for anything like that ie small loans,overdraft facilities etc.

    Best bet is to chat them tomorrow and suss out your options.

    Best of luck with this and the new job btw.
    :)


  • Options
    #3
    Faith
    Moderators, Society & Culture Moderators Posts: 30,657 Mod ✭✭✭✭Faith


    Otis Driftwood wrote: »
    If you are starting a full time job then they will probably want you to take a loan out to clear the current over draft and then top up whatever extra you need.

    As you are no longer a student,and your OD was based on being a student,this may be the only option you have.

    I will say however that UB have always been sound as a pound with me for anything like that ie small loans,overdraft facilities etc.

    Best bet is to chat them tomorrow and suss out your options.

    Best of luck with this and the new job btw.
    :)

    Thanks! It's my old crappy retail job, I just took a long study break :). I'm still technically a student until I graduate in September, so hopefully that should help me a bit.


Advertisement