Graduate loan query

IcarusPlus

Hey all,

I hope (with all my digits crossed) to be in employment before the end of the month, but it will require relocation and the deposit/rent that entails. I've been living off vapours the last few months (due to some silly bureaucracy with the Unemployment Office), so my current account has taken a hit.

Providing I do get this job, would it be possible to approach a bank like AIB and ask for an emergency loan of, say, €1,500, before I get paid for that month? Would the fact of my new employment and that month's imminent wage payment be enough to convince them of my ability to repay them, despite not having much money in my account?

I really don't know much about loans, so is it even possible to get one processed in a couple of weeks?

Many thanks!

Nervous Wreck

100 to 1 shot at getting this, tbh. Sorry...

retroactive

With any personal lending, the over arching criteria are 1. Capacity to repay and 2. Willingness to repay. Several elements each go towards these criteria - Your ICB score, current assets and liabilities etc

That's personal lending. There are forms of personal lending - your example details a personal loan but why not an overdraft?

Remember to fully rationalise 1. The amount your borrowing and 2. The term over which you intend on repaying it over.

Schedule an appointment with a Customer Advisor in your bank and run through your options

IcarusPlus

retroactive wrote: »

With any personal lending, the over arching criteria are 1. Capacity to repay and 2. Willingness to repay. Several elements each go towards these criteria - Your ICB score, current assets and liabilities etc

That's personal lending. There are forms of personal lending - your example details a personal loan but why not an overdraft?

Remember to fully rationalise 1. The amount your borrowing and 2. The term over which you intend on repaying it over.

Schedule an appointment with a Customer Advisor in your bank and run through your options

Thanks very much for your help. To be honest, my overdraft hadn't even crossed my mind.

I have an AIB Graduate Account. I just checked the relevant info on AIB.ie and it says I'm entitled to a €1,000 overdraft. It also says I need to apply for it. I was, in recent months, debited over my balance; but I paid it back within a few days. Would this €1,000 overdraft work in the same way -- i.e. it's just deducted automatically -- or do I need to see someone in relation to it?

retroactive

You're not really entitled to it - Its a facility subject to standard lending criteria.

That would be an unauthorised overdraft and you may incur penalties and charges.

If you had a 200 euro balance in your current account and 1000 euro overdraft. You would be able to withdraw 1200. If you then put in 800, you would be able to withdraw 800. It would act like this for the duration of the overdraft (6, 12, 18 months etc) although it would be wise to bring your account up to date gradually before the overdraft "falls off"

In another thread you're seeking advise on whether a landlord would accept one months deposit instead of 2 etc, its not that long ago since I moved into a one bedroom apartment and started my first professional job. I did it through abusing my credit facilities and it was a short sharp exciting change. Unfortunately, if you're not careful, you'll find that exciting change comes with a down side. It would be advisable to take things gradually. Financial mistakes and front loading yourself with debt can negatively impact you later should anything negative happen - like loss of employment. Missing loan repayments might jeprodise getting a mortgage in the future, for example.

An overdraft has to be applied for the same way a loan is. You're not particularly financially aware, schedule an appointment with your branch Customer Advisor or QFA and talk through your options. Slow and steady - don't cribble yourself with debt and financial stress right away.

Kagawa10

Credit union with a co-signer would be your best bet.

IcarusPlus

retroactive wrote: »

An overdraft has to be applied for the same way a loan is. You're not particularly financially aware, schedule an appointment with your branch Customer Advisor or QFA and talk through your options. Slow and steady - don't cribble yourself with debt and financial stress right away.

The problem is that I really don't have much choice. If I get this job, I can't put the money down for a tenancy. Debt is something that I am absolutely averse to, and I've generally always been very frugal. But this case it seems like the only option.

As for Kagawa's suggestion that I go to my credit union for a loan, is that even possible? I'm not a member of any (I've never had any need -- I've been relatively financially secure up until now), but doesn't consideration for a loan require membership of at least 2-3 months?

retroactive

I'm afraid Credit Unions aren't may area at all. Rather than misinform you, I'm gonna stay silent. Congrats on the prospective employment by the way. Hope it all works out