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Taking Out a Loan

  • 24-02-2009 4:02pm
    #1
    exiot
    Closed Accounts Posts: 648 ✭✭✭


    Im heading away for the summer and thought it would be easy to take a loan for 2,000 and pay it back when I get back but with the whole recession fiasco Im getting a bit worried that the idea won't be possible..

    So are banks still giving out loans, small loans even nothing major?


Comments

  • #2
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Banks are still giving out loans, maybe weighing up the risk a bit more that they might once have. Will you get one? Ask them.

    My 2c.


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Is it one of them student travel loans you're looking for?


  • #4
    exiot
    Closed Accounts Posts: 648 ✭✭✭exiot


    Yup, since Im a student should be able to apply for it and have a good credit rating. Payed back previous loans without any trouble


  • #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    I was chatting to one of the lending officers in our branch today and she was saying student loans are still pretty much business as usual. I think it might be because for some of them your parents have to go guarantor, so it could be because of that extra security.


  • #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    I was chatting to one of the lending officers in our branch today and she was saying student loans are still pretty much business as usual. I think it might be because for some of them your parents have to go guarantor, so it could be because of that extra security.

    Just to add to Toots's post, generally a guarentee is needed if you are A) in first year of college and / or B) wouldn't have the repayment capacity to pay the loan from your own resources during the year. Generally if you are working p/t and getting a grant, security is not generally needed but it goes on a case by case basis. The lender will make the call based on their own judgement / rules. Back in the day (it's not that long ago mind you) when I was doing personal lending, I'd always tend to look for a guarentee if it was available as the application would be all the stronger for it. I've seen applications turned down simply because a guarentee wasn't available.


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  • #7
    exiot
    Closed Accounts Posts: 648 ✭✭✭exiot


    I have no problem getting guarantor, parents know Im capable of paying back a loan so it shouldnt be an issue.

    Cheers for all the information people, you have put my mind at ease


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