Ways of getting around loan rejection Bank of Ireland

musicman2011

I applied for a loan of €5,000 over 3 years with Bank of Ireland and was rejected but I gave them a letter saying Im a permanent employee earning €22,500 salary. Why would i have been rejected and are there ways to re-apply and get around it does anyone know???

wmpdd3

Go see the credit union, how soon do you need the money?

coylemj

Reasons for rejection could be that you have a bad credit record which could be as a result of being late with payments for a previous BOI loan or credit card. Did they ask you to fill out a form detailing your monthly spending i.e. breakdown of spending on rent, food drink, utilities etc.?

Not sure how you can appeal it, it's not a huge amount of money so I'd say they rejected you for a poor credit history or because they don't consider your job as 'permanent' as you do.

musicman2011

I've missed the very odd payment of my last loan but none in over a year and it coincidentally was paid off last week. How soon would the Credit union give a loan if I joined?

coylemj

musicman2011 wrote: »

I've missed the very odd payment of my last loan but none in over a year and it coincidentally was paid off last week. How soon would the Credit union give a loan if I joined?

Reading between the lines I think you're saying you were late with more than one payment - that's not good. In the present climate you need a squeaky clean record, branch managers are under pressure to only lend with low risk.

I have never dealt with a credit union but I can't imagine that they are going to hand over 5,000 to you until you've spent some time saving with them, how long is anybody's guess and it probably depends on which credit union, what their current bad debt situation is and how liberal they are with loans.

BuffyBot

The fact that you paid off one loan just last week and are immediately looking for another isn't the best sign either.

Missed payments, this sudden need for credit again will factor in. Plus having a certain level of salary is all very well - but does it go out as soon as it goes in? High turnover in an account will also look bad.

The CU isn't a panacea. They'll want to see you save first, and only lend in proportion to your saving.

wmpdd3

musicman2011 wrote: »

I've missed the very odd payment of my last loan but none in over a year and it coincidentally was paid off last week. How soon would the Credit union give a loan if I joined?

Minimum 3 months i'd say