Loan App...

zacseph

Hey All,

Just looking for some slightly random advice - I'm applying for a top up on my loan again w/ AIB and I'm wondering is the reason for the loan something they actually factor in?
If so, would I be better saying it's to furnish my new place, to pay off my credit card or for upcoming holidays? it's going to be partly all three but they generally just let me give one reason, so just wondering if there's a best one...

Thanks

coylemj

If your place is new or if you live in rented accommodation say it's to buy furniture though a new kitchen would sound better because this improves your asset base.

Do not mention paying off a CC bill because they know that they can screw you with an exorbitant rate of interest and you'll still be saving money.

unclebill98

Tell the truth, otherwise you'll be caught out and be in a difficult situation.

As for interest rates, it will not go up just because you are payng off a cc.

Rebel1977

zacseph wrote: »

Hey All,

Just looking for some slightly random advice - I'm applying for a top up on my loan again w/ AIB and I'm wondering is the reason for the loan something they actually factor in?
If so, would I be better saying it's to furnish my new place, to pay off my credit card or for upcoming holidays? it's going to be partly all three but they generally just let me give one reason, so just wondering if there's a best one...

Thanks

Just say its for furnishings etc, but be careful if its for high amount they might look for proof e.g. quote from a furniture shop etc Dont mention holiday or credit card, they might be slow to sanction loan, could insist on reducing your credit card limit etc

unclebill98

Home improvement loans are not allowed for rentals just incase the op is renting.

greenman09

if the majority of the funds are to clear a loan and cc they will put the reason code as restructure or refinance. this is so the system can give the right scoring in relation to the info given