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Advice on student loan needed.

  • 28-07-2013 1:17am
    #1
    Hegarz
    Registered Users, Registered Users 2 Posts: 9 ✭


    I'm looking to get a student loan for €3,000 over 2 years. I have held my student account with the AIB for 2 years now also. I was wondering does anyone know how long of a time scale it takes for these to be approved, I need it as soon as possible. Can a decision be made on the day if I call in?

    I work full time during the summer and part time in the college term which coupled with my grants means I have no issue being able to pay it back.

    Another option I need advice about is the credit union, I've held an account for a long while but don't use it at all really. I've read somewhere you can get a loan up to 4x the amount in your account, but I doubt I could just lodge the money and then request the loan could I? Does anyone have any experience getting a loan without being a regular user?

    Any and all feed back and advice is welcome, thanks in advance!


Comments

  • #2
    xxkathrynbxx
    Registered Users, Registered Users 2 Posts: 12 ✭xxkathrynbxx


    I'm in the same situation as yourself at the minuet!! How long did it take to go through? :)


  • #3
    Greenmachine
    Registered Users, Registered Users 2 Posts: 5,063 ✭✭✭Greenmachine


    Hegarz wrote: »
    I'm looking to get a student loan for €3,000 over 2 years. I have held my student account with the AIB for 2 years now also. I was wondering does anyone know how long of a time scale it takes for these to be approved, I need it as soon as possible. Can a decision be made on the day if I call in?

    I work full time during the summer and part time in the college term which coupled with my grants means I have no issue being able to pay it back.

    Another option I need advice about is the credit union, I've held an account for a long while but don't use it at all really. I've read somewhere you can get a loan up to 4x the amount in your account, but I doubt I could just lodge the money and then request the loan could I? Does anyone have any experience getting a loan without being a regular user?

    Any and all feed back and advice is welcome, thanks in advance!

    The fact that you are working should work in your favour in assesing your ability to repay a loan. From what I understand. The credit union want to see consistent saving over a number of months at least. Do you need all the cash immediately. One option might be to get a covered loan for a small token amount for immediate cost. When you have repayed a sizeable portion of this you may be in a positon to get a loan worth 3x your savings with the credit union.


  • #4
    computer44
    Registered Users, Registered Users 2 Posts: 131 ✭✭computer44


    It will be 2-4 working days if your approved, the longest part is being approved usually a couple of days.


  • #5
    highvoltage87
    Registered Users, Registered Users 2 Posts: 5 ✭highvoltage87


    Credit Union is the way to go. They are really good for Student Loans. I literally just joined my local in Donegal and they gave me a E4000 loan over 3 years straight away, no hassle! I needed a parent as a guarantor but thats it. The rate in DL in 6% but I've heard of 4.9% at other Unions. No penalties for early payments also which is great. Winner!


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