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Drawing Down Loan

  • 10-11-2016 4:36pm
    #1
    Fiona L
    Registered Users, Registered Users 2 Posts: 41 ✭


    Hi

    Is it possible to use money from savings to purchase a car while I am waiting for the personal loan to be put into my account? The loan has been approved but it will take a few days as I need to post the documents to Dublin. When I get the loan can this be put to savings and obviously repay as per agreement


Comments

  • #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Fiona L wrote: »
    Hi

    Is it possible to use money from savings to purchase a car while I am waiting for the personal loan to be put into my account? The loan has been approved but it will take a few days as I need to post the documents to Dublin. When I get the loan can this be put to savings and obviously repay as per agreement
    Hi Fiona L, 

    Thanks for contacting us on Boards. 

    Your Savings account may have Withdrawal notice required to withdraw the funds. The length of notice needed to be given can vary depending on the type of account and you can find the Notice period here.

    The loan amount is transferred into your Current account upon draw down. With the majority of our Savings accounts, payments are made by direct debit only and so it may not be possible to lodge a lump sum (such as your loan amount) back into your Savings. It would be best to clarify this with our Lending team on 0818 200334 who can clarify this with you. 

    Thanks,
    Sarah


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