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UB personal loan experiences

  • 03-11-2010 4:19pm
    #1
    Paolo1982
    Closed Accounts Posts: 14 ✭


    Hi applied online for an UB loan of 2k basically to try and get a credit rating! i have never had credit and tried to get a credit card and was declined. Applied for this loan through UB and got a pack out within a day or so with a credit agreement and asked to sign and return. Does UB just send this to everyone and then decide on the loan or does this mean its fairly good news?

    Cheers


Comments

  • #2
    pjmn
    Registered Users, Registered Users 2 Posts: 1,072 ✭✭✭pjmn


    If they have sent you a credit agreement then I'd suspect your loan is approved and will be drawn down on receipt of your signed credit agreement...

    however...

    do I take it you don't actually need the loan? If so I'm not sure I follow your logic in drawing same down. I'd appeal the credit card decision rather than go this route (btw don't use the credit card to borrow).

    pjmn


  • #3
    Paolo1982
    Closed Accounts Posts: 14 ✭Paolo1982


    no i dont need the loan at all just to get some credit to show on my file. It is frustrating as i dont have anything, but i realise u dont have anything so theres no history etc. Hopefully it means good news and yea i never thought u could appeal the decision once it had been declined as they say they dont need to give reasons for declining an application.


  • #4
    pjmn
    Registered Users, Registered Users 2 Posts: 1,072 ✭✭✭pjmn


    ... just a thought.

    Go in to your local UB branch (with your credit agreement) and advise them that you'd prefer to take a credit card instaed of the loan (obviously your credit rating is ok to get E2k loan - so there should be no reason that you shouldn't get a credit card) - I'm not sure if you applied for the credit card from UB.

    best of luck..


    pjmn


  • #5
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    op your understanding of a credit history is slightly flawed. You don't need a loan you don't want to get a credit history. In fact if you take one and pay it off and then look for another one, you'll look like your credit hungry and this will leave many hits on your ICB.

    Having a nil credit history is just as good as having one showing you've paid all your loans. In the end of the day every loan app is assessed based on your current capacity to repay. The ICB search is disigned to show up a bad history of not paying your debt.

    As for your recent loan request with UB. Your not approved until you hand back what they are looking for. Too fully process it they need you to sign the CCA that they sent you.


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