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loan refused

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  • 20-12-2012 9:26pm
    #1
    198321
    Closed Accounts Posts: 501 ✭✭✭


    Hi,

    I applied for loan of 550 euro and it was refused. I do understand, since it's your money, you do have full right to refuse loans. I am just confused that

    my income is 370 euro a week, my expenses are low (rent + other expenses), I have no debt (credit card, loans, etc). I pay all my bills on time and I do believe my living standard is fine with nice gap between my income and expenses (much higher income than expenses).

    I have 5 years of income and renting (changed address in November 2012, but had address in same town for last 4 years)

    So in my opinion it comes down to the fact that I never had a loan and therefore no credit history - so possibly higher risk. That is the reason for applying for such a small loan - to get some credit history and prove I am well able to live up to my commitments (and buy nice Christmas present:) ).


    I requested my credit rating but can't get much of a sense from it and honestly I don't think there is anything wrong with how I manage my finances.

    This loan wasn't so important and I wouldn't even notice I am paying it off, I just fear that one day I might need a loan for something that matters and won't be able to get it.

    I am not giving out about Bank of Ireland and agree, after what happened in recent years, it is important to be careful and I am not going to complain or challenge this decision as I still have a little bit of dignity and if you do not wish to borrow money to me I fully accept your decision, but I thought bank reps or somebody else could give me some idea about how to get out of this circle.

    Thanks


Comments

  • Options
    #2
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi 198321.

    All loan applications are assessed on a case by case basis with a range of factors being taken into consideration.

    If you would like to discuss/appeal your loan application, please contact the lending advisor in your account holding branch. You may need to provide extra information which will enable us to review the application further for you.

    Hope this helps.
    Laura


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