# Home improvement loan advice



## OkeyDokey (23 Jul 2011)

Hi visited Ulster Bank a month a month ago to apply for a €40k home improvement loan to be paid over 4-5 years. By removing the step up payment on my tracker mortgage the loan adviser indicated that I met the affordability requirements. I was told it would take 5 working days. I'm still waiting for a response over a month later. The loan rate offered is 10.9% (includes UFirst member 1% discount). 

I have applied to the local credit union. Their interest rate is 10.5% but the maximum amount they loan to any customer us €25k.

I looked at the online offers from Bank of Ireland and AIB and they look the same as Ulster Bank.

I notice that Dundalk Credit union is 6.9% but unfortunately you need to be living and working there. 

Any advice on an alternative solution?


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## mercman (23 Jul 2011)

The Ulster Bank have such a pile of new loan requests they are running at least one month behind. I applied for lending (business) one month ago and still have not been given a answer, although the certain conditions have been advised to me. And mine is a no brainer -- cash against cash. UB are the only Bank in Ireland doing any kind of credible lending versus the incredible lending the AIB & BoI did in the past.


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## essjay (16 Jan 2012)

Interested in this one too....


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## ClubMan (16 Jan 2012)

OkeyDokey said:


> I have applied to the local credit union. Their interest rate is 10.5% but the maximum amount they loan to any customer us €25k.


The _CU _effective rate is going to be (possibly significantly) higher than 10.5% once you factor in the normal requirement to hold 25% of the loan balance in shares while borrowing. Unlike other financial institutions it is not possible to directly compare _CU _rates (even their _APRs_) with other loan offerings due to this requirement.


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