Best Personal loan rate???

J

johnny

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HI all!!!!....Cud any one out there tell me what currently is the best deal availabile in terms of interest rates, for personal loans !!!!....MY loans total about €25,000....including aloan with BOI and the credit union
I ve seen that Ulster Bank are offering loans at 7.9% apr for the month of May....Is any of the other institutions doing it cheaper i wonder????
Also are banks ever willing to negotiate on ;loan rates???.......ie if i was to transfer my loan from BOI to say....AIB????...any chance id get abetter rate???......Or am i being completely naive!!!!!!!!!!!
Thanking u folks!!!!

johnny
 
See Tesco.

Their loans are underwritten by UB, but the rate is 7.9% fixed, and is always on offer. They may have more stringent lending criteria than other lenders. The maximum term is 5 years for non home improvement loans, so you're looking at a monthly repayment of over €500 and may have to pay a penalty if you wish to redeem early (as it is fixed).
 
HI Johnny

a small rate difference is unlikely to give you much relief. I would suggest you talk to your local credit union and roll the loans into one. The advantages of the CU is that tere are no fees, no profit motive and a real social conscience. These can often outweigh a small difference in the APR. If you are in financial difficulty, then the MABS in conjunction with your CU can be of great assistance.

I am a credit union volunteer.

Slim 8)
 
thanks guys for rthe advice, however im still confused...checked re loan for UB?,,it would cost 440pm on €22000 euro....My loan with the credit union is 15000, and i have 3300 there in shares,,,as the personal loan offered with ub is at 7.9% apr, , would i maybe be better off clearing off the credit union loan of €15000 with aloan from the ub for the same????...ive tried to get clarification from the cU on the interest situation, but to be honest, im not even sure have they themselves got a handle on it!!!!!

thanks again folks!!!
johnny
 
I checked out Tesco only this week and although it says 7.9% fixed you are allowed as a once off to make a payment to clear or reduce the debt without penalty.First time I've heard of this.The only thing is once you make a once off payment if you don't clear it you cannot make any further payments to reduce the loan.My thinking was in relation to using an SSIA next year to clear the loan.They said no problem and more importantly no penalty!
 
HI guys!!!...just checked out the tesco pl rate....it seems that for refinancing theyre only willing to offer arepayment of 4 yrs....I was wondering ( and pardon the cheek) is there's any way i could apply for a loan claiming that it was for "home improvements"..ie it would be over a period of 10yrs ( and i appreciate that over that term i would obviously be paying more interest) but actually in the short term it might suit me better!!!!
Would a bank go to the lenghts of checking what the loan was actually for...or could my credit history reflect what i actually need it for???....
out of interest i have had never any problem thank god aapplying for credit!!!

thanks again guys!!!!

johnny
 
Lying to the bank is not a great start to your relationship. You'd expect them to be honest with you, so they deserve the same.

If you do go down this road, make certain you get a variable rate loan, which means you will have no penalties/fees to pay for making additional payments to shorten the loan term later.
 
Thanks rainy for your advice ....and the honesty with it.....however "banks" in recent times havent exactly covered themselves in glory have they???...( ie offshore accounts, payment protection scandal.....As far as i can see honesty does you no favours with any bank ....A bank damn near bankrupted my business in London afew years when i lived there because of my "Honesty"...so again i dont exactly weep when i hear that they get the " nice publicity" that the aforementioned scandals tend to generate!!!!.....But obviously everyone has a right to theyre own opinion!!!!
 
Depending on the terms & conditions of a loan or other finance agreement divulging false information could jeopardise the agreement. So it is as much a matter of prudence and consumer self protection as morality/honesty not to lie on loan application forms. The fact that financial institutions have their own skeletons in the cupboard (or out of it at this stage) is irrelevant.
 
Again club man , everone has a right to their opinion...but for example if you go into a bank looking for a loan and you have one already with the credit union, how many peiople i wonder actually mention that they have????..( as we know credit unions are exempt from credit checks....is theyre any difference in that ????...And as i said earlier i have first hand experience on
the benefits of honest with my bank.......It nearly cost me everything!!!!!
So to " moralise " or "theorise" is grand....but unless you have had my predicament( or a type of) i think it hard to see where im coming from.....Ultimately im probably saying what alot of people are "thinking" and probably " doing" anyway!!!!!!....And the fact that they were involved in the aforementioned "scandals i think is indeed VERY RELEVANT!!!!!!!! ....How in the name of God could it not be????
 
I try not to moralise or theorise when responding to specific personal finance queries on AAM. I do try to give my opinion (based on first hand experience where relevant) on what's most appropriate and prudent - the same way that many other contributors do too. Ultimately, having received this and any other feedback , the decision on how to act/proceed is down to the individual even if this means acting imprudently, in breach of the terms & conditions of the relevant agreement (thereby running the risk of voiding the agreement), illegally etc. If you consider that, having been apprised of the possible implications, the best course of action for you is to lie on a loan application agreement then go ahead. But don't expect people to agree that this is the prudent or recommended course of action or one that is justified by previous scandals involving financial institutions. And if you want to open a debate about scandals involving financial institutions then feel free to do so in the relevant forum - not here.
 
It is absolutely hypocritical to expect anything other than dishonesty from your bank if you are being dishonest on your application. I can't see how you'd have any basis for complaining about recent bank scandals if you're part of problem yourself.

As it happens, a number of credit unions have joined the Irish Credit Bureau scheme, so loans with those CU's would be visible to banks doing credit checks. So once again, lying and being caught out is far more likely to result in a loan being declined than being up-front and honest.

And I'm really struggling to see how honesty could have resulted in a business being bankrupted. Feel free to expand on this point if you wish to bring more clarity to this debate.
 
Is there a list anywhere outlining which Credit Unions have signed up with the Irish Credit Bureau?
 
According to this recent report only 6 have joined and 14 are in line to do so out of a total of c. 500 - so it's probably easiest for individuals to simply check directly with the CU(s) which they are eligible to join.
 
Fronm the report:
By not supplying credit information to the credit bureau, credit unions would not have the ability to receive credit information either and would be unable to determine credit risk.
Click to expand...

They could always ask the borrower to request an ICB report on themselves and supply it with any loan application over say....15,000. They'd be able to assess the risk, or at least scare off the riskier borrowers, without joining ICB themselves.

Dammit people if our shady little Credit Union parallel universe is to be preserved we're going to have to start thinking more creatively. I think I'll see when my AGM is on and suggest it. If the buggers aren't one of the 6 who've already joined.

-Rd
 
Not the cheapest loan but a very convenient one if you want a big dental job done (minimum loan is one thousand euros) is the 9.9% APR quoted by Easicare at [broken link removed] or lo-call 1890 210210
 
hi guys, i often reAd the "Irish Independent" best buys section ...would you Agree...thAt ApArt from ebs...tesco gives the best rAte???...on personAl loAns???...

cheers
 
eoflaherty said:
Not the cheapest loan but a very convenient one if you want a big dental job done (minimum loan is one thousand euros) is the 9.9% APR quoted by Easicare at [broken link removed] or lo-call 1890 210210
Click to expand...
Why is an easycare loan more convenient than any of the banks or your credit union?
 
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