Can I set up a loan now and draw down in six months time

[cormacol]

Hi all

I'm off travelling for 9 months (lucky me). Fortunate enough to have a good job to return too. I have a fair bit save up but as its going to be a once in a lifetime type trip to many places i really don't want to have to miss out because of not havein an extra couple of grand here and there.

I'm wondering whether it is possible to set up a loan now and not draw it down until later (or not at all if i didn't need it). The rabobank offering interested me but i wouldn't have the money to pay back 2% per month until i got back.

Any suggestions
Cheers

 

[CN624]

Yip, should be ok to do so. I've done it with ptsb before, just get approval before you leave then call them when you want to get the cash.
Rates may change in the meantime though.

 

[droileen]

Most Finance Co`s / Banks will give you "Approval in Principal" & allow you to draw down in 6 months, providing you can prove that your circumstances have not changed in the interim. The rate, of course, will be applicable @ at date of drawdown.