Are any Banks Lending?

kittyn

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May 11, 2007
Messages
113
Just wondering if any banks are lending at all right now.......? And if so any advice would be welcome as to what banks would be the best to approach......?
 


codology

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Oct 27, 2006
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388
Just wondering if any banks are lending at all right now.......? And if so any advice would be welcome as to what banks would be the best to approach......?
At the moment I think you'll have to settle for the blood bank.
 

Simbo67

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Jan 23, 2004
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Just listening to National Public Radio here in the US. The difference between bank lending and Us Treasury Bills is now 4%, what does that mean? Well it is about 2000% higher than it was a couple of years ago. It means that banks have to give a 4% premium over US Treasury Bills. That is why there is no credit.

That's the macro picture, I don't know what your branch is like but I wouldn't think its too good.
 

Vega1447

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Oct 18, 2007
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5,685
They'll lend you an umbrella when the rain stops

Just wondering if any banks are lending at all right now.......? And if so any advice would be welcome as to what banks would be the best to approach......?
My mortgage is 95% paid (not boasting, just anno domini) and so I am getting regular "equity release" offers from BoI who have my residual mortgage.

They even called me on my mobile at work which annoyed me but when I heard the unfortunate sales guy I felt sorry for him. It was the day of the Govt Banking bail out!

I asked him did he really think this was a good time for me to take on extra debt and - fair dues to him - he said I was probably right.

No bonus for him but well done..

(Not that I would have taken the loan either way..)
 

kittyn

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May 11, 2007
Messages
113
My mortgage is 95% paid (not boasting, just anno domini) and so I am getting regular "equity release" offers from BoI who have my residual mortgage.

They even called me on my mobile at work which annoyed me but when I heard the unfortunate sales guy I felt sorry for him. It was the day of the Govt Banking bail out!

I asked him did he really think this was a good time for me to take on extra debt and - fair dues to him - he said I was probably right.

No bonus for him but well done..

(Not that I would have taken the loan either way..)
God I wish I could say that, im looking to re-finance............
 

Edo

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May 12, 2007
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God I wish I could say that, im looking to re-finance............
All depends what you want the money for , how good your credit is , what your cashflow situation is like and what it will be like in the future.

Lending like it was in auld days before the confetti machine started up in the late 90's.
 

jfk2008

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Sep 10, 2008
Messages
157
Join your local credit union.
 

constitutionus

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Feb 19, 2007
Messages
23,265
My mortgage is 95% paid (not boasting, just anno domini) and so I am getting regular "equity release" offers from BoI who have my residual mortgage.

They even called me on my mobile at work which annoyed me but when I heard the unfortunate sales guy I felt sorry for him. It was the day of the Govt Banking bail out!

I asked him did he really think this was a good time for me to take on extra debt and - fair dues to him - he said I was probably right.

No bonus for him but well done..

(Not that I would have taken the loan either way..)
jaysus man im only 6yrs into mine and for the last 3 of em ive been getting the same offers . got another one just last week wanting to know if i want to "release equity" in the gaff to get a new car.

ok you could flog the gaff for twice the price i paid for it even now but its still taking the piss.

smacks of desperation on their parts.
 

myksav

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May 13, 2008
Messages
23,381
Just wondering if any banks are lending at all right now.......? And if so any advice would be welcome as to what banks would be the best to approach......?
All of them as far as I know. As others posted, carefully now. A bit like it was 15 years ago, tighter.
Here, it's more of a liquidity problem rather than serious bad debts like in the US.
Be prepared for more questions into your finances if you go for a loan.

At least the interest rates are still lower than they were 15-20 years ago.
 

Cato

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Aug 21, 2005
Messages
20,400
All of them, just very carefully.
My wife and I are starting up a business, and we needed some finance from the banks. I was ringing around the banks when I came upon some poor bastard in Anglo-Irish Bank. I literally got as far as telling him my name and he cut in to ask was I an existing customer. I said "No". He then told me that they were not taking on any new customers and they were only "helping" (his word) existing customers.

He was quite friendly and we got talking. He asked about our business and he gave me a few pointers on how to approach the banks. He said that a year before he would have ripped my arm off for this business.

I thought that this was a most extraordinary conversation. Essentially he was saying that the bank was closed for business.
 

TheBear

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Joined
May 25, 2004
Messages
234
Just wondering if any banks are lending at all right now.......? And if so any advice would be welcome as to what banks would be the best to approach......?
Yes, they are. My 92% mortgage drawdown should arrive today, and my significant other just got an unsecured business loan from an entirely different bank.

It's really about being realistic in what you ask for. As long as you're not unemployed and looking to borrow millions, they should give you a fair hearing. Particularly if it's a business loan you're looking for, if you put in the work preparing the info, and as long as you're not setting up a gerbil grooming parlour, they won't kick you out. Remember, they still want to make money out of you, they just want to be sure that they will get their money back.
 

The OD

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Oct 10, 2005
Messages
11,204
Yes, they are. My 92% mortgage drawdown should arrive today, and my significant other just got an unsecured business loan from an entirely different bank.

It's really about being realistic in what you ask for. As long as you're not unemployed and looking to borrow millions, they should give you a fair hearing. Particularly if it's a business loan you're looking for, if you put in the work preparing the info, and as long as you're not setting up a gerbil grooming parlour, they won't kick you out. Remember, they still want to make money out of you, they just want to be sure that they will get their money back.
Congrats on the mortgage! You must be delighted! I just got a pretty big home improvement loan the other day? In spite of the economic climate, it was kind of necessary as part of it was for a home office, so it is an investment of sorts?

However, it must be noted that I still have a pretty healthy amount of equity on my house and the ,mortgage payments are pretty reasonable.
 

Eddie Batt

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Joined
Mar 31, 2006
Messages
21
Earlier this year I was fortunate enough to be able to clear a 5 figure credit card bill and pay off the mortgage.When I told the bank the credit card account was being closed they questioned me and offered me the carrot of 6 months interest free on all purchases-it was tempting but I declined.My friends wanted to know how I could live without a credit card and said it was impossible to do so.
My advice for anyone who is experiencing cashflow difficulties would be to keep an excel spreadsheet detailing all expenses -you don't have to include the cost of every Mars bar -but after a few months you will get a good idea where your money is going and if you are living beyond your means.
Also when you run out of money stop spending -don't be getting loans from family/friends or the credit union.
 

Louth Planner

Member
Joined
Jan 14, 2008
Messages
98
My wife and I are starting up a business, and we needed some finance from the banks. I was ringing around the banks when I came upon some poor bastard in Anglo-Irish Bank. I literally got as far as telling him my name and he cut in to ask was I an existing customer. I said "No". He then told me that they were not taking on any new customers and they were only "helping" (his word) existing customers.

He was quite friendly and we got talking. He asked about our business and he gave me a few pointers on how to approach the banks. He said that a year before he would have ripped my arm off for this business.

I thought that this was a most extraordinary conversation. Essentially he was saying that the bank was closed for business.
The very best of luck with that mate, not just on starting the business (we need mor epeople like you in this country) but trying to extract cash from the banks. A couple of years ago I went looking to one of the largest banks in the country for a business loan. We were banking with them for 4 years at the time. We needed €250k with a healthy balance sheet, consistent profits (small but constant and a constant cash flow and zero bad debts). The bank refused us the money because there was no property being used as security. That was the only criteria for their decision. No wonder the Irish banks are in the crapper and I have no sympathy for them.
 


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