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First time loan questions

  • 06-01-2017 10:26pm
    #1
    Michaella00
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hello

    I'm 23 and I've been a customer with Ulster Bank for years and I'm hoping to get a personal loan. I'm just looking for some general information before I go in and the website requirements are very vague. I'm hoping to get one for around €7,000-€8000 as a personal loan over 5 years. Do you need a certain amount already in your account before applying? I don't have bad credit or had any bank issues in the past. I'm worried because I only started employment after being unemployed for a while. My wages are going in direct to my account but do I have a less chance because it only started recently? Prior i had money going in and out regularly. The loan is a for a mix purpose currently living at home and getting a new place and getting a car. Well hoping! Any information would be greatly appreciated!!! Thank you :)


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    The bank will be looking at your ability to be able to repay the repayments on the loan so if you have no savings or if your wages go in every month and out as fast it is unlikely that they will give you a loan. If on the other hand you have been building up a balance in your current account then they will consider.

    You should consider opening a Credit Union account and saving for 3/4 months and then applying for a loan.


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