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How long do loans take to process?

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  • 26-08-2011 4:59pm
    #1
    Gummy Panda
    Closed Accounts Posts: 20,919 ✭✭✭✭


    Hi

    I've a current account with BoI and recently applied for a small loan. It's taken over two weeks for the loan to be fully processed.

    It should have been finally drawn down today but I've been told I need to resign my credit agreement as they changed their rates yesterday. I was a bit pissed off they ring me at 4.30 to tell me this and that they won't send out the paperwork till sometime next week.

    I'm wondering is this the norm time for banks now or just BoI?

    I've no experience with other banks but this seemed all drawn out except the application acceptance.


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    This is not the norm.

    I'd question it and also how a delay resulted in a rate change. Unless its in your favour.

    Make a complaint if you are not happy. It will not impact on your approval of the loan.


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    #3
    Gummy Panda
    Closed Accounts Posts: 20,919 ✭✭✭✭Gummy Panda


    Still haven't received new paperwork so rang today and told them to cancel it.

    Got a big story about the systems and variable rates not updating properly. Told them it wasn't my problem and wasn't chasing them for a small sum. Probably going to move account anyway after this messing around.


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