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Loan Applications

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  • 23-08-2012 12:27pm
    #1
    deejer
    Registered Users Posts: 712 ✭✭✭


    Hi All,

    Maybe this has been dicussed here before and if so apologies. I am trying to find out the criteria than the banks use when trying to decide on whether to grant a loan or not.

    I understand that they stress test based on the interest rate rising by a certain amount but I am wondering what is the acceptable percentage of your net income they deem acceptable to be used to cover loan commitments. Also what other criteria do they deem important to accepting the application or not? Really finding this process frustrating for what is only a small personnal loan.

    Any assistance would be greatly appreciated :)


Comments

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    #2
    cazzak79
    Registered Users Posts: 411 ✭✭cazzak79


    Things like what the
    Loan is for, would you be able to repay it, your banking history go into your bank have a chat with them


  • Options
    #3
    greenman09
    Registered Users Posts: 1,909 ✭✭✭greenman09


    Salary, residential status, continuous employment. Conduct on accounts


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Income is important but not everything. Employment status (permanent/temp, occupation, industry), living status, number of dependants, other debts, other outgoings, how you manage your current account.

    These are factors and how they are treated will vary between banks.


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    #5
    deejer
    Registered Users Posts: 712 ✭✭✭deejer


    cazzak79 wrote: »
    would you be able to repay it

    Everything else from the above comments is certainly a factor in their decision but this is the main issue when it comes to making their mind up. And what I am trying to do is figure out is how do they decide if I am able to pay it or not?

    I know I can repay based on my current net monthly income and monthly outgoings.


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