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Student loan - AIB or Credit Union?

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  • 23-05-2014 9:35pm
    #1
    adastra
    Registered Users Posts: 43 ✭


    Hi,

    I am a mature student, heading over to the UK in Sept to study primary teaching. I will get a bursary from the UK gov, but it won't be enough to cover all my living costs for the year. I am thinking I will need to borrow 3000 or 4000 for the year.

    I have an a/c with AIB and the CU. I have previously had a loan from CU, which I took out originally about 7 years ago, and topped up to 12000 about 4 years ago for uni, which I will have paid back in full by next month, leaving me with about 350 in my savings account. I have got nearly 1000 saved with AIB, and I also have my current account with them. I am working full time at the moment, so by the time I apply for the loan in august I will have a bit more money saved.

    My question is whether you think I will get a loan from either of them? And if so, which one would be more likely? I am thinking the CU, but I am worried they wont give me a loan since I have only just finished paying back my previous one (on schedule though). I haven't been saving any money with them, as I have been focusing on paying back the loan first. Should I start putting money into the savings account every week? How much would I need saved before they would loan me the amount I need?

    Sorry for all the questions!


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    #2
    Alice22
    Registered Users Posts: 15 ✭Alice22


    I phoned AIB yesterday about a loan, you need to be set up with a student plus account for 6 weeks before you can apply to borrow from them. But they have a dedicated student officer at each branch I have been told. They seem quite helpful so far.


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    #3
    Marvel80
    Registered Users Posts: 52 ✭✭Marvel80


    If you lodge your savings into your CU account and keep saving away they will have no problem giving you a loan based on your previous history with them. If you have paid back €12,000 in full on time why would they have an issue. The CU rates will more than likely to be lower than the bank and I have found them much more engaging and willing to negotiate on repayments. They usually allow you borrow 2.5-3 times what your savings are so that should be the amount you are aiming for. Why don't you make an appointment with your branch to ask.


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