Loan declined from my own bank, what other options do I have?

EamoS

Hi, I applied online for a personal loan of 3,500 online last week from my own bank, BOI. Even though I've never got a loan before I think it's down to credit history with my credit card. Im in permanent fulltime employment but I missed a few payments by a few days and I also dont have any savings of my wages (i do with the post office but not consistent, regular saving).

Anyway it was declined. But as I applied online there was no option for me to offer security. I have a 4,000 An Post Bond that I wanted to use as security. In case you're wondering why I don't just redeem that,I inherited it and I already had to use the other half to pay for my masters. I really don't want to spend all in the one year because it would take me ages to save it back and also for sentimental reasons.

So I'm wondering what other options tehre are for me to get the loan? Apply in person and offer the security? Credit Card? Other institutions?

Any advice greatly appreciated!

chris85

EamoS wrote: »

Hi, I applied online for a personal loan of 3,500 online last week from my own bank, BOI. Even though I've never got a loan before I think it's down to credit history with my credit card. Im in permanent fulltime employment but I missed a few payments by a few days and I also dont have any savings of my wages (i do with the post office but not consistent, regular saving).

Anyway it was declined. But as I applied online there was no option for me to offer security. I have a 4,000 An Post Bond that I wanted to use as security. In case you're wondering why I don't just redeem that,I inherited it and I already had to use the other half to pay for my masters. I really don't want to spend all in the one year because it would take me ages to save it back and also for sentimental reasons.

So I'm wondering what other options tehre are for me to get the loan? Apply in person and offer the security? Credit Card? Other institutions?

Any advice greatly appreciated!

BOI dont take security on a personal loan. no bank really does from my knowledge. Join your local credit union and lodge the €4000 you have when you redeem your post bonds, save a few months there and apply for the loan.

Why dont you just use the post bonds for the money you need. I can appreciate the sentimental reasons but apart from the CU it may be your best option.

Pythia

Banks do take savings into consideration on a loan and use them as security. It's called a lien. PTSB do it for certain as I used my savings for a loan there just 3 weeks ago as I'll never save up that money again. If you default on the loan and don't start paying again then they take the savings money off you. Obviously it would need to be moved into the bank so they have access to it. You need to also be earning >30k and have been in employment for 3 years to qualify also.

I would also request an ICB report just to check what it says. Missed payments by a few days probably won't show up.

EamoS

Thanks for your replies

I guess will use the bonds worst comes to worst. I suppose what makes it worse is that I have 3 older siblings who all still have their entire inheritance.

As regards credit union, I need the cash in 5 weeks so I don't think I'll be able to show enough consistent saving.

I don't earn > 30,000 either so that rules PTSB out. What about Ulster Bank?I have an account with them. Or lenders like GE capital?

steph1

As far as I know GE are not doing personal loans any more.

EamoS

Are there any equivalents?

Actually another point I shouldmake is that I'm a recent graduate, I've heard of some banks doing graduate loans, are they worth a shot?It always seemed my friends found student loans were very easy to get

drunkmonkey

I'd go to your local boi and ask them
for a loan person to person, those missed credit card repayments would not help but if you've been paying on time for the last few months it will help, you need to start building a relationship with your local bank. Talk to them and see what they can do, they may be able to juggle around things and get the loan approved.
[SNIP]

chris85

I am unsure what you need the money for but sounds like a loan to put you through a year in college for the masters but i may be wrong. if it is thats fair enough. You could put say €3k of you inheritance into the CU and save with them for few months while living off the other €1k inheritance. At that stage you could approach the CU for a loan for what you need.

This is all as i am assuming you need it for college. If i am wrong you can just ignore this.

Toots

drunkmonkey, advising posters to make a false declaration on a loan application is against the forum charter.

youngmoney

chris85 wrote: »

I am unsure what you need the money for but sounds like a loan to put you through a year in college for the masters but i may be wrong. if it is thats fair enough. You could put say €3k of you inheritance into the CU and save with them for few months while living off the other €1k inheritance. At that stage you could approach the CU for a loan for what you need.

This is all as i am assuming you need it for college. If i am wrong you can just ignore this.

hi! u seem 2 no a bit about graduate loan so here goes! i have a civil law degree (and half passed all my fe1s which allows me to enter the law society to train as a solicitor,) if i can save roughly 4k between now and wen i need the loan nx augst 4 a masters, how much wud they be likely to give me in the cred union r newhere else, gurantor is not an option, all in all includin the 4k i cud save i need 16k 4 the year... thanks 4 any advice! i bank with boi bt from exp wit dem at undergrad level theyre not so fond of not havin a gurantor!

jor el

Read the charter, specifically the bit that says

No Txt Spk.
Its hrd 2 rd wen u typ lik dis. Money is a grown up topic...so don't use Txt Spk!

You have a full keyboard, and you're not limited to 120 characters per message, so use all the letters. I despair for the state of education system when someone with a law degree can't even use real words.

youngmoney

jor el wrote: »

Read the charter, specifically the bit that says


You have a full keyboard, and you're not limited to 120 characters per message, so use all the letters. I despair for the state of education system when someone with a law degree can't even use real words.

actually i dont ava fll keyboard my friend, the laptop isnt performing or otherwise i wud type properly, hav 2 push very hard maybe more than a few times to get it to type evry single key due 2 a virus which iv no money 2 fix....so txt talk is far more time efficient 4 me at this point in time. also to add 2 ur despair, i hav an a1 in honours leavng cert english tucked away somewhere in 2006!!

Toots

youngmoney wrote: »

actually i dont ava fll keyboard my friend, the laptop isnt performing or otherwise i wud type properly, hav 2 push very hard maybe more than a few times to get it to type evry single key due 2 a virus which iv no money 2 fix....so txt talk is far more time efficient 4 me at this point in time. also to add 2 ur despair, i hav an a1 in honours leavng cert english tucked away somewhere in 2006!!

Good for you. Unfortunately txt spk is not permitted on this forum, so you'll either have to push those keys extra hard, or wait until you're able to type complete words before you continue posting.

youngmoney

Toots* wrote: »

Good for you. Unfortunately txt spk is not permitted on this forum, so you'll either have to push those keys extra hard, or wait until you're able to type complete words before you continue posting.

my sincere apologies, i have made my way up to the library in the hope i can express myself to the standards required of this thread. As you can see i have six or seven posts, only been registered a week, haven't a clue what a charter is and only a vague idea what a moderator is. nice to see the virtual police enjoy flexing their cyber muscles so fast and efficiently!!!!!

EamoS

I've decided to try and get the limit increased on my credit card, not by 3,500 though probably about half that. I don't even have a clue how to do this. Its a BOI mastercard student credit card that I have, how do I go about it, what info will they need etc?

Also before I do though can anyone recommend any options besides credit union? Perhaps other institutions.

Thanks in advance for any information

eimearcmh

EamoS wrote: »

I've decided to try and get the limit increased on my credit card, not by 3,500 though probably about half that. I don't even have a clue how to do this. Its a BOI mastercard student credit card that I have, how do I go about it, what info will they need etc?

Also before I do though can anyone recommend any options besides credit union? Perhaps other institutions.

Thanks in advance for any information

I was just reading your posts and i wouldn't rule out the credit union. Ive just 2 questions...
1) Is the loan for college?
2) Have your had a loan with that credit union before?

By the way you wouldn't need to have savings of €3,500 to apply for a loan of that amount in the Credit Union. Obviously you would need some savings though.:)