Loan/Credit Card

token101

Hi,

I'm just wondering if it's possible to get approved for a loan without ever actually drawing down on the money? I want to go travelling and I have decent enough savings but I'd like to have top up loan ready to draw down on if necessary, but I may never need it. Is this possible? Also is it possible to do the entire thing online even if I was abroad? How long approx does loan approval/rejection take?

I'd imagine my credit rating isn't the greatest due to the fact that I missed several payments on my student credit card, mainly due to laziness on my part It was never a significant amount (<20 euro a month), but it did happen a lot. It's completely cleared now, but would that history go badly against me or would the fact that I have saved 2/3 times the amount I want to borrow already saved be viewed upon more favourably? Would I just be better off applying for a credit card with a set limit? Would I get fleeced on interest that way? I'm really not sure what to do!!

Bank of Ireland: Tara

Hi token101,

Thanks for getting in touch.

Once a loan is approved you have 30 days to draw it down, after this a new application would have to be made. If you speak to a Qualified Financial Advisor in your branch they can advise you what would be the best option for your circumstances. All applications are dealt with on a case by case basis.

Best of luck on your travels.

Thanks
Tara

PEACEBROTHER

Hi I have a credit card with limit of 2500 , usuall there is about 5 or 600 overdrawn on it but i constantly pay no less than 50e every week.

Is this ok ?

Bank of Ireland: Linda

Hi PEACEBROTHER,

Just to clarify, when you say you are €500 or €600 overdrawn, do you mean you always owe that amount on your credit card or that you are €600 over your limit so you owe about €3,100 on your credit card?

Thanks
Linda

PEACEBROTHER

Bank of Ireland: Linda wrote: »

Hi PEACEBROTHER,

Just to clarify, when you say you are €500 or €600 overdrawn, do you mean you always owe that amount on your credit card or that you are €600 over your limit so you owe about €3,100 on your credit card?

Thanks
Linda

Sorry I should of been more clear , I always owe around 500 or 600 ( credit available 2,000 ) but am paying off 50 min a week sometimes more. Is this an Issue and will it affect me going for a mortgage ?

Bank of Ireland: Tara

Hi PEACEBROTHER,

If you are paying the minimum payment due and on time then you are meeting the terms and conditions of your credit card account. Therefore, this will have no negative impact on your mortgage application or credit rating.

Thanks
Tara