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Loan while on probation?

  • 18-01-2012 7:39pm
    #1
    ourtrail
    Registered Users, Registered Users 2 Posts: 222 ✭✭


    I have just started a new job two weeks ago and have applied for a loan from my bank (AIB) for €1,600 just to get myself a small car to tip to and from work and do a few runarounds for work if needed. I have no other current loans or mortgage.

    As is standard with most companies, I am on probation for the first three months of my contract. I have to fax a letter to the bank tomorrow from my employer confirming my employment and salary and the fact I am on probation for the first three months is mentioned on the letter - basically has anyone been in a similar situation and were they approved for the loan or does anyone on here have any idea of my chances of being approved? Will they come back and ask me for a guarantor for the loan?


Comments

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


    Each bank will have different polices on it.

    Did the bank ask if your on probation? If so and you said yes and they are now looking for a letter it should be within their criteria otherwise their wasting your time.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,504 ✭✭✭✭coylemj


    ourtrail wrote: »
    As is standard with most companies, I am on probation for the first three months of my contract.

    Contract? Will you be still on contract after the three months are up? If so, you will be viewed as self-employed by the bank and that may act against you, depending on the length of the contract vs. the duration of the loan.


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