Bank Loan: Postpone payment for 1 year

Hi all

Perhaps someone can advise...

Is it possible (these days esp.) to get a 10K loan and postpone the first payment for a few months or maybe up to a year?

I am going travelling for 1 year and ideally would not have bills / DD's here while I am gone.

I have never heard of this being done and I dont think this is possible. It reminds me of what the furniture shops do in order to get you to buy a sofa.

You need to have a secure job in order for the bank to give you a loan. The fact that you are going travelling - does this mean that either your job will hold your position open til you get back or will you have to claim the dole until you find another job ?


I really dont think you are in any luck here !

Hi KCB,

Not common place - but might not be impossible ...

Couple of key things a bank (credit union may also be an option, but they wouldn't be my area of expertise/knowledge) will consider ...

a) Your employment status (especially in current times) - if say you are taking a career break for a year to travel, and are guaranteed (if there is such a thing nowadays) your job when you come back, then it would be possible ...

b) Again if you already have a good relationship with your bank - have done business with them over a period of time , honoured committments, then that will be a big plus ...

c) Much more difficult (almost impossible) to walk in to a new bank, and seek what you are looking for ...

d) From a bank point of view - E10k loan now - will be say E11k in a years time (I'm assuming a 10% interest rate) - key question will be can you show that you can repay E11k over a period of time in a years time, with they being comfortable that you will come back and won't leave them high and dry...

Hope that's of some help .....

Thanks guys.

That is helpful and very much appreciated.

alexandra12 said:

I have never heard of this being done and I dont think this is possible. It reminds me of what the furniture shops do in order to get you to buy a sofa.

You need to have a secure job in order for the bank to give you a loan. The fact that you are going travelling - does this mean that either your job will hold your position open til you get back or will you have to claim the dole until you find another job ?


I really dont think you are in any luck here !

Click to expand...

I did it for a year while studying for a masters, obviously with interest accruing but didnt mind that. It's definitely possible, talk to your bank. (BOI for me)

Could you take out a larger loan, e.g. 15k, and put 5k of it in an account where the payments will come from?

This would enable you to pay off the loan using some of the loan, if you get me.