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Stocking loan

  • 10-10-2021 1:40pm
    Registered Users Posts: 705 ✭✭✭ morphy87

    Just enquiring about a stocking loan, been getting one off Bank of Ireland for years with no hassle, but before I went into the bank to apply and submit my application, then this changed to over the phone and now this year I can’t do it over the phone it has to be submitted online, which is really starting to annoy me

    What are AIB like when it comes to applying for a loan like this?are they all gone online also? Also what are the credit union like for a loan like this?

    I know if I ring Bank of Ireland and start moaning they will do it over the phone


  • Registered Users Posts: 2,187 ✭✭✭ Cavanjack

    Submit it online and then they will ring you within a day or two. Find Boi very easy to deal with.

  • Registered Users Posts: 26,953 ✭✭✭✭ whelan2

    With ulster bank , applied online. Easy enough

  • Registered Users Posts: 7,319 ✭✭✭ FintanMcluskey

    Most banking is now done online, AIB are no different. Cant answer for the credit union

    Its not going to change and they are making it more difficult to actually speak to an operator, which I assume is to encourage people to bank online

  • Registered Users Posts: 705 ✭✭✭ morphy87

    They are easy to deal with just I prefer meeting someone or speaking to someone directly

  • Registered Users Posts: 705 ✭✭✭ morphy87

    I even noticed lately a lot of atm’s do be out of order when you go to withdraw cash,they are really pushing people to go online and cashless payments

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  • Registered Users Posts: 17,976 ✭✭✭✭ _Brian

    May as well embrace the online, that’s where all banking across the industry is going.

  • Registered Users Posts: 721 ✭✭✭ minerleague

    Not the best with technology but had just gotten used to online banking when they introduced this latest security where you have to download banking app and need smartphone or tablet. trying to print off statements for accountant ( dont get them in post ) and me with old type nokia phone. Got sorted eventually but drive you mad sometimes, and more money being stole now by hackers and fraudsters than Bonnie and Clyde could even dream of!

  • Posts: 0 ✭✭✭ [Deleted User]

    Theres nothing complicated with BoI

    Just tap next after you enter the figures in the boxes on each page

    You will get a call within 48 hrs with a few more general queries

    you have a choice of paper documents signing where they are posted ,you sign and return post

    OR by email using Docusign where you first time using it scribble a digital signature on your phone

    All other times after that you'll just need to tap

    You will be texted a code to open the document

    Then after that tapping the digital signature you provided signs any future documents

    You will get a phone call after you initially filled out the online form with general questions and if everything is in order a text later that day to say its approved

    Then the docusign email

    Its much quicker because if you do it in the morning, you can have funds later that day or the next day

    AIB still can do all these in branch or on the phone to Dublin but it takes longer in my experience with them

  • Registered Users Posts: 705 ✭✭✭ morphy87

    Do you deal with AIB? If so when you are applying for a loan do you go to branch or do you have a direct line to someone in the branch that you deal with?

    BOI are grand to deal with but I prefer dealing with someone personally as if you ever have any questions or problems you can ring someone personally

  • Posts: 0 ✭✭✭ [Deleted User]

    I've dealt with both

    AIB relationship managers in branches would have the discretion to approve small stocking loans on the spot provided you have a good track record with them

    Most small businesses and farmers are assigned a centralised relationship manager based in Tallaght I think,especially if you're a new customer, who you'd never meet but deal with over the phone ,emailing your documents to etc

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  • Registered Users Posts: 705 ✭✭✭ morphy87

    So if dealing with AIB would you meet your realationship manager in the branch first and then they send the documentation to Dublin?

    When you said you would be dealing with an realationship manager in Dublin would this be the same person that you would be talking to? With bank of Ireland when you ring Dublin you always get someone different,it would be nice to get used to dealing with the same person

  • Posts: 0 ✭✭✭ [Deleted User]

    The relationship manager at AIB branch level rurally these days is usually the branch manager

    They have discretion to approve loans around €40k if you have a clean record,no dodgy credit card balances or referral fees

    Unlike BoI,yes you are assigned a relationship manager who you will always deal with out of Dublin,these days they are often still WFH

    To be honest, I would not move just for a stocking loan, its too messy the first time when not a customer

    My vote is for you to stick with BoI and adapt to their way

    If you need help,an initial call to their Business loans section will get you to someone who will talk you through how to input the online forms

    Best of luck

  • Registered Users Posts: 705 ✭✭✭ morphy87

    Thanks for the information, I am approved all ready for this year but I might open an Aib bank account with next year in mind