AIB Loan

Dylan12345

When it comes to loans with AIB, do you need to be in full time employement?
I currently work in a shop and my hours have been less than 25 for the past month. It is supposedly going up soon, but i was thinking of trying to take out a 1,000euro loan. I have also been getting my payslips and payments in cash on the weekends. I would say it is quite unlikely that i could take out a loan, but i thought maybe i would ask here first. Thanks!

368100

Dylan12345 wrote: »

When it comes to loans with AIB, do you need to be in full time employement?
I currently work in a shop and my hours have been less than 25 for the past month. It is supposedly going up soon, but i was thinking of trying to take out a 1,000euro loan. I have also been getting my payslips and payments in cash on the weekends. I would say it is quite unlikely that i could take out a loan, but i thought maybe i would ask here first. Thanks!

Its all down to purpose of loan and more importantly repayment capacity....i.e. can you still afford other all expenses after the loan payment...this includes day to day expenses.
Unlikely that they'll take any cash payments into consideration unless its legit and guaranteed. All banks will work that way, not just unique to AIB.

Dylan12345

368100 wrote: »

Its all down to purpose of loan and more importantly repayment capacity....i.e. can you still afford other all expenses after the loan payment...this includes day to day expenses.
Unlikely that they'll take any cash payments into consideration unless its legit and guaranteed. All banks will work that way, not just unique to AIB.

Thats where i might be denied. I am to be working full time soon, but my past 4 payslips show less than 25 hours. I can definitely pay it back. I don't have many other expenses, but you might be right about that anyways. I recently had my bike stolen, so i'm trying to take a loan out to get a new one so i can get to and from work. Idk..

368100

Dylan12345 wrote: »

Thats where i might be denied. I am to be working full time soon, but my past 4 payslips show less than 25 hours. I can definitely pay it back. I don't have many other expenses, but you might be right about that anyways. I recently had my bike stolen, so i'm trying to take a loan out to get a new one so i can get to and from work. Idk..

What do you work at? See if your employer will let you do the bike to work scheme and you'll spread the cost over 12 months and itll come out of your wages before you get taxed so you'll pay less tax.

Dylan12345

368100 wrote: »

What do you work at? See if your employer will let you do the bike to work scheme and you'll spread the cost over 12 months and itll come out of your wages before you get taxed so you'll pay less tax.

I work in CostCutters. From conversations that i have had with other workers, they don't have that scheme..

Although my previous job did lol..

368100

Dylan12345 wrote: »

I work in CostCutters. From conversations that i have had with other workers, they don't have that scheme..

Although my previous job did lol..

No harm in asking them to do it, point out that itd be an extra benefit to employees...good luck

Fol20

He is more than likely not paying much in tax anyway so I wouldn’t bother with bike to work scheme

wench

Fol20 wrote: »

He is more than likely not paying much in tax anyway so I wouldn’t bother with bike to work scheme

But it would still help him spread the cost without having to get a loan and pay interest.

wonski

wench wrote: »

But it would still help him spread the cost without having to get a loan and pay interest.

Not all companies let you pay in installments.

Mine takes it all in one go on next payday (less 31 or more %).

368100

Fol20 wrote: »

He is more than likely not paying much in tax anyway so I wouldn’t bother with bike to work scheme

"Not paying much" .....maybe not but why would anyone not take advantage of a legit way to reduce the tax they pay...be it little or not. Unless you enjoy paying tax for the craic?

Fol20

368100 wrote: »

"Not paying much" .....maybe not but why would anyone not take advantage of a legit way to reduce the tax they pay...be it little or not. Unless you enjoy paying tax for the craic?

Check how the bike to work scheme works. You still pay an amount for the bike and if the bike isn’t needed why bother spending money on something no matter how small The cost might be. Yes it’s a legit way of reducing your tax bill and I never said that I enjoy paying tax, I would only ever legally avoid paying tax if it’s for something I can materialy benefit from and if you don’t cycle, you will end up paying more money than actually saving in your Tax bill. Normally bike to work schemes are more beneficial for higher earners

wonski

Fol20 wrote: »

Check how the bike to work scheme works. You still pay an amount for the bike and if the bike isn’t needed why bother spending money on something no matter how small The cost might be. Yes it’s a legit way of reducing your tax bill and I never said that I enjoy paying tax, I would only ever legally avoid paying tax if it’s for something I can materialy benefit from and if you don’t cycle, you will end up paying more money than actually saving in your Tax bill. Normally bike to work schemes are more beneficial for higher earners

The op needs a bike to get to and from work

There is a benefit for op, unless he goes to second hand market which might suit him better if the tax benefit is very little and all other things considered.

If, however, the op wants a new bike, more power to him. Especially if his hours are to go up again. Does not harm to ask them.

Fol20

wonski wrote: »

The op needs a bike to get to and from work

There is a benefit for op, unless he goes to second hand market which might suit him better if the tax benefit is very little and all other things considered.

If, however, the op wants a new bike, more power to him. Especially if his hours are to go up again. Does not harm to ask them.

Your right, i missed that part of the comment, and thought people were advising to use the bike to work scheme just to save on tax.

368100

Fol20 wrote: »

Check how the bike to work scheme works. You still pay an amount for the bike and if the bike isn’t needed why bother spending money on something no matter how small The cost might be. Yes it’s a legit way of reducing your tax bill and I never said that I enjoy paying tax, I would only ever legally avoid paying tax if it’s for something I can materialy benefit from and if you don’t cycle, you will end up paying more money than actually saving in your Tax bill. Normally bike to work schemes are more beneficial for higher earners

Read the post properly before you jump to conclusions. I know exactly how the scheme works ....have used it twice.

Of course the bike still costs you something! Its not the free bikes scheme!

I dont know about you but i wouldnt be on here suggesting such things if I didnt know what I was on about!

endacl

You don't need a grand's worth of bike to get in and out to work.

Decide on budget you can afford, and head over to the cycling forum for suggestions. That loan would cost you substantially more than the thousand you'd be borrowing.

Dylan12345

wonski wrote: »

The op needs a bike to get to and from work

There is a benefit for op, unless he goes to second hand market which might suit him better if the tax benefit is very little and all other things considered.

If, however, the op wants a new bike, more power to him. Especially if his hours are to go up again. Does not harm to ask them.

I asked my manager and they don't actually do the bike to work scheme. I'm going to keep my eyes peeled for a decent second hand bike. Thanks for all the responses !