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Small Personal Loan

  • 23-11-2011 9:38am
    #1
    Bendihorse
    Registered Users, Registered Users 2 Posts: 1,017 ✭✭✭


    I have incurred a couple of unexpected costs this year which have pushed me into my overdraft. I get paid once a month and this doesnt fully get me out of my overdraft.

    I slowly decreasing the deficit every month but Christmas will no doubt anilate any headway I have made towards clearing it.

    I wonder if I would be better advised to take out a small personal loan of 2500to clear the OD and pay it off over 1 year on a flexible basis where if I have extra cash I can lodge to the account?
    Obviously after clearing the OD I will tell them to reduce it back down to 100 - 200 euro (I never asked for it to be increased in first place but thats another story!)

    I imagine I would get a better rate on a small loan than on my overdraft facility?

    I bank with BOI but I am open to exploring other lenders for a better rate.

    Thanks for any advice...


Comments

  • #2
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    Bendihorse wrote: »
    I have incurred a couple of unexpected costs this year which have pushed me into my overdraft. I get paid once a month and this doesnt fully get me out of my overdraft.

    I slowly decreasing the deficit every month but Christmas will no doubt anilate any headway I have made towards clearing it.

    I wonder if I would be better advised to take out a small personal loan of 2500to clear the OD and pay it off over 1 year on a flexible basis where if I have extra cash I can lodge to the account?
    Obviously after clearing the OD I will tell them to reduce it back down to 100 - 200 euro (I never asked for it to be increased in first place but thats another story!)

    I imagine I would get a better rate on a small loan than on my overdraft facility?

    I bank with BOI but I am open to exploring other lenders for a better rate.

    Thanks for any advice...

    BOI will definitely give you a loan to clear OD and yes it will be at a lower rate, it's effectively a debt restructure you're looking for. I doubt any other bank will give you a loan for this purpose as they usually don't want to take on another institutions liabilities.


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