Bank loan advice please

Kopperberg

Hi myself and partner were looking for loan of €12000 to get married
He applied and was refused aib bank
We have separate accounts
He gross pay €460 p/w mine €350
Mortgage only 340 p/m and no others loans or bills other than usual utilities
I got copy of his credit rating and is perfect
Q is would we be better making joint application or trying different bank
Reason aib refused was no savings
If had savings wouldn't need a loan
Any advice please

MagicMarker

Why don't you just save?

BeerSteakBirds

12 grand for a wedding ? Can you not make it cheaper and more within your means ? With little idea about your lifestyle and other expenses apart from outlined , can you estimate how long it would take you to pay this 12 grand back ?

The_Pretender

Kopperberg wrote: »

Hi myself and partner were looking for loan of €12000 to get married
He applied and was refused aib bank
We have separate accounts
He gross pay €460 p/w mine €350
Mortgage only 340 p/m and no others loans or bills other than usual utilities
I got copy of his credit rating and is perfect
Q is would we be better making joint application or trying different bank
Reason aib refused was no savings
If had savings wouldn't need a loan
Any advice please

If you had for example, €3000 saved up, you would still need a €9000 loan wouldn't you?

You've been refused because you have no savings. If you'll have no problem repaying the loan then start saving for the next few months and prove that you're able to be careful with money.

monflat

Kopperberg wrote: »

My partner was refused AIB loan for €12000 to get married
His gross pay €460 and mine 350 p/w
Our mortgage €340p/m and no other loans other than usual utilities
My Q is would we be better off applying jointly as sep accounts now or trying another bank
He got his credit rating off beaureau and perfect
Reason aib refused wasno savings
Any advice please

Did you not just post this 10 mins ago in a thread just below this one.
Advice was given by posters

Toots

Threads merged

pablo128

@240 ish a month you're looking at about 5 years paying that back on top of everything else. Not impossible, but you probably won't be changing to a newer car until the loan is near enough paid off. Good luck with the wedding if you go ahead!:)

chris85

Kopperberg wrote: »

Hi myself and partner were looking for loan of €12000 to get married
He applied and was refused aib bank
We have separate accounts
He gross pay €460 p/w mine €350
Mortgage only 340 p/m and no others loans or bills other than usual utilities
I got copy of his credit rating and is perfect
Q is would we be better making joint application or trying different bank
Reason aib refused was no savings
If had savings wouldn't need a loan
Any advice please

Simple, if you dont have enough money to put aside to savings, you dont have money spare to pay back a loan.

SBarrett

Banks look for an ability to repay and to see that people are living within their means. Being able to show surplus money and regular saving is key. How about opening a savings account and putting some money into the account each month. Put in €25 each a month for 6 months and not only will you show them an ability to save but you'll be able to reduce the amount needed.

Between the two of you, it appears that you have enough disposable income to satisfy the lending requirements, so you just need to satisfy the savings one.


Steven