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Preferred Faculty Loan: Early Repayments and Credit Score

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  • 24-08-2016 2:20pm
    #1
    CameraBag
    Registered Users Posts: 45 ✭


    Hi folks,

    I took a 2,000 euro Preferred Faculty Loan out about 15 months ago. I have since gathered 2,000 in a savings account, intended to be an "emergency fund". Now, I know that interest on the loan doesn't begin to accrue until I graduate next year. But I have not repaid any of the loan yet. I'm wondering whether I should.

    My thoughts are that I'd like to demonstrate my ability to repay the loan (i.e. keep my credit score as high as possible). But could I damage my credit score by not repaying this loan until graduation, even though I haven't entered the interest period yet? If possible, I'd like to keep the emergency fund too, y'know?

    Thanks.


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    #2
    Bank of Ireland: Evie
    Closed Accounts Posts: 455 ✭✭Bank of Ireland: Evie


    CameraBag wrote: »
    Hi folks,

    I took a 2,000 euro Preferred Faculty Loan out about 15 months ago. I have since gathered 2,000 in a savings account, intended to be an "emergency fund". Now, I know that interest on the loan doesn't begin to accrue until I graduate next year. But I have not repaid any of the loan yet. I'm wondering whether I should.

    My thoughts are that I'd like to demonstrate my ability to repay the loan (i.e. keep my credit score as high as possible). But could I damage my credit score by not repaying this loan until graduation, even though I haven't entered the interest period yet? If possible, I'd like to keep the emergency fund too, y'know?

    Thanks.
    Good Afternoon CameraBag,

    Thanks for contacting us here on Boards.ie, you can see the terms and conditions here which discuss early repayments (Clause 8.0) as we wouldn't be able to discuss particular cases here we would be happy to arrange an advisor to call you to talk it through. 

    If you would like to talk to us please DM me your name, contact number, and which branch you opened your loan with. Click on the link under my name to message me. 

    Thanks, 
    Evie 


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