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taking out a loan

  • 22-09-2009 10:42pm
    #1
    sidekick100
    Closed Accounts Posts: 28 ✭


    want to take out a €1000 personal loan with AIB
    thing is - i am just taking out the loan *incase* i run out of money on holiday. theres a good chance i won't but i'm terrified i'll end up stuck for money.

    anyways i am wondering - if i take the loan out and don't end up spending it can i just pay it all back at once or do they want me to just make the monthly payments?


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    You can pay it back in one lump if you wish. If you take a fixed rate loan, just make sure to check if there's any penalties for paying it off early.


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Why dont you see about an overdraft instead or maybe a credit card... might be easier than a loan. The credit card is always very hrelpful to have abroad


  • #4
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Rabo direct have (or at least they had, not sure) a 'credit account' where you are approved for x but you will only pay interest on the amount that you actually draw down.


  • #5
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Pablo Sanchez wrote: »
    Rabo direct have (or at least they had, not sure) a 'credit account' where you are approved for x but you will only pay interest on the amount that you actually draw down.

    thats basically a credit card... or an overdraft.. both work on same principal where you will only pay interest on what you use


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