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Boi personal loan

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  • 17-04-2013 8:55pm
    #1
    user2012
    Closed Accounts Posts: 70 ✭✭


    Hi all, I'm looking for advice. I put in an application for a loan of €6000 through my local branch. I was contacted today to say it was declined because my account doesn't show enough transactions. So I gave them my p60 & six months of payslips as requested.
    The lady I was dealing with said this can be normal because I don't get paid into my bank account so she sent them the information I supplied. She can't see it as being an issue to get it put through but I was just wondering what are my chances of getting it approved???
    I would have previously had car finance & met the payments, a small few would have been a few days late due to wages being late but all were paid within two to three days of the direct debit date.
    I have a credit card with nothing on it but a similar story, late payments but would have been met within a few days.
    I have no outstanding debt, no financial commitments, no dependants etc.
    I'm looking to upgrade my car & am looking for the €6000 to put towards €6000 cash I have stashed away, not in a bank account or credit union.

    So what do ye think? Am I wasting my time? Or is there a good possibility I will get approval?


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    You don't get your wages paid into your bank a/c so as far as the bank is concerned you are operating your main spending out of their sight and they don't like that. You also have money saved but not with them. All in all, I can see why they don't want to lend to you.

    What banks want these days is to have a full view of your income and outgoings. That means that your pay goes into your current a/c, you pay credit cards and loans from that a/c, you withdraw cash from ATMs and spend money using the debit facility in shops. You might also have a standing order saving some money into a deposit a/c each month.

    All of which gives the bank a picture of your income and spending. You have chosen not to do this and they don't like it. As far as they are concerned you could be applying for a similar loan from another bank round the corner.


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    #3
    user2012
    Closed Accounts Posts: 70 ✭✭user2012


    Ok thanks.
    I did ask the advisor this & she didn't see it as being a major problem because I was able to produce everything they wanted regarding payslips etc. I know it's not an ideal situation that my wages don't go directly into my account but surely given the amount I'm looking for & my previous history on repaying loans would get it passed?
    If this doesn't work out can anyone recommend an alternative bank to approach or should I just leave it be?


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    #4
    roro2
    Registered Users Posts: 412 ✭✭roro2


    It's difficult to say without knowing income, disposable income, etc. Not having any other financial commitments is obviously a positive, but the bank could be concerned if they can't see a surplus each month if you use mostly cash transactions - how do they know that you don't just spend your entire income as soon as you receive it, and have nothing left to service a loan? It doesn't sound like your repayment history is all that good either - late payments on loan and credit cards won't help.

    It sounds like the loan advisor is positive and happy to recommend it, although this doesn't necessarily mean much. All you can do is wait and see really.


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