Bank of Ireland loan

niallg7

Hi, recently bought my house and needs abit more work than expected, BOI have offered me 11.9% on 10,000 borrowed over 8 years. I’m no money guru and just wondering if you guys think this is a good deal or I should shop around. This is after I have applied due to I seen them offering 3.1% apr (representative) 

[Deleted User]

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

niallg7

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

it would take me probably about 2/3 years currently to save that 

Ebe_Scrooge

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

niallg7

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

thank you for the reply, the work is pretty much urgent, however doing it piece by piece might not be to bad of an idea, I have only done one application so I’m gathering I may have some leeway in a sense I can do another application. 

If I was to do another application would you recommend anyone ? 

In addition to this I can be accepted for a 0% credit card, judging from Experian and ClearScore again so I will take that with a pinch of salt 

Ebe_Scrooge

niallg7 said:

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

thank you for the reply, the work is pretty much urgent, however doing it piece by piece might not be to bad of an idea, I have only done one application so I’m gathering I may have some leeway in a sense I can do another application. 

If I was to do another application would you recommend anyone ? 

In addition to this I can be accepted for a 0% credit card, judging from Experian and ClearScore again so I will take that with a pinch of salt 

For either a loan or a credit card you can try one of the many eligibility checkers that are out there - there's some on the "Cards & Loans" section on this site.  Be aware that, since they don't do a hard search, they are at best a rough guide, and there's no guarantee that the outcome of a full application will match what they predict.

Some lenders have their own eligibility checkers - anecdotally these will give a slight more accurate (though still not guaranteed) prediction.

The recommendations from Experian & Clearscore - there's no need to take these with a pinch of salt.  Try a bucketful of salt :-)

niallg7

Ebe_Scrooge said:

niallg7 said:

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

Ebe_Scrooge said:

niallg7 said:

Deleted_User said:

It's a very high rate, but you may be a very high risk customer.

How long will it take you to save that amount?

Thank you for the reply, I have a very good credit score on both ClearScore and Experian, I was confused when they offered the rate.

Which just proves what is said on here time and time again - the credit score you see means absolutely nothing.

niallg7 said:

it would take me probably about 2/3 years currently to save that 

If the work is not urgent then saving up is absolutely the best option from a purely financial perspective.  Failing that, would it be possible to use a 0% purchase credit card to pay for the work (assuming you could get one, assuming you were offered a high enough credit limit, and assuming the goods/services provider will actually accept a credit card) ?

Yes, you could try another loan provider.  2 applications in a short space of time is generally OK.  More than that, and it starts to look like you're desperate for credit, which is a red flag for most lenders, and looks less than favourable on your credit history.

Or could you do the work piecemeal?  Get stuff done a bit at a time, as and when you can afford it?  Depends on the nature of the work, of course, but it can be a good strategy if it's practical to do so.

thank you for the reply, the work is pretty much urgent, however doing it piece by piece might not be to bad of an idea, I have only done one application so I’m gathering I may have some leeway in a sense I can do another application. 

If I was to do another application would you recommend anyone ? 

In addition to this I can be accepted for a 0% credit card, judging from Experian and ClearScore again so I will take that with a pinch of salt 

For either a loan or a credit card you can try one of the many eligibility checkers that are out there - there's some on the "Cards & Loans" section on this site.  Be aware that, since they don't do a hard search, they are at best a rough guide, and there's no guarantee that the outcome of a full application will match what they predict.

Some lenders have their own eligibility checkers - anecdotally these will give a slight more accurate (though still not guaranteed) prediction.

The recommendations from Experian & Clearscore - there's no need to take these with a pinch of salt.  Try a bucketful of salt :-)

Thankyou again, I did use the eligibility checker on here and gave me plenty of options and that’s where I got BOI from, which I then followed through with that application. 

But thank you for your help. 

And the salt bucket is needed! 

martinbainbridge1975

there were a number of loans out there around 2.8 apr mark, had one with tesco was fairly easy process

[Deleted User]

There are indeed, but the trick is to be accepted for one.