credit union loans?

useful_contacts

what reasons would there be for the credit union not giving you a loan?

I have had an idle account for 3 or four years(forgotten i had it), i reopened it a month ago and there is money going in from my work acc every week

I applied for a loan of 500 for christmas, and i have 300 in my acc already

Just wondering would the fact i have money going in from work every week look good towards my application.

Has anyone been denied one and why?Just want some general info as they are closed in my town today.

gogo

Im sure the credit union have their own lending critera, i'm not sure if they check the credit bureau, but they will check your credit union account for regular lodgements, previous loans youve had with them. Previous arrears you've had will go against you. And most loans now go before a committee, you won't get an answer on the spot unless your really well known to them and have a good history.
I think you can borrow up to 3 times the amount of savings you have with them, but most people seem to get more than this.
Once you have an alright account and they know you, you should be ok.

useful_contacts

gogo wrote: »

Im sure the credit union have their own lending critera, i'm not sure if they check the credit bureau, but they will check your credit union account for regular lodgements, previous loans youve had with them. Previous arrears you've had will go against you. And most loans now go before a committee, you won't get an answer on the spot unless your really well known to them and have a good history.
I think you can borrow up to 3 times the amount of savings you have with them, but most people seem to get more than this.
Once you have an alright account and they know you, you should be ok.

Well ive a very good credit rating i have never missed a repayment on any loan ive had before, but ive never had or applied for a loan with the credit union before

aidanco

if you have 300 in shares you should have no problem unless you haven't paid into the account in over 3 years get your loan sent up to the committee they meet once a week (mostly Tuesdays) and get your application looked at you were most likely refused at junior management level, remember the credit union is manged by the shareholders you have more than enough to secure your loan

aidanco

also just in case check out http://www.icb.ie/ some companies are ruthless if you miss one repayment regardless if it wasn't your fault

gogo

useful_contacts wrote: »

Well ive a very good credit rating i have never missed a repayment on any loan ive had before, but ive never had or applied for a loan with the credit union before

Ah your grand so, its a lot less informal than banks, you'll fill ina short application at the counter and as i said they will more than likely have to get back to you after the committee meeting, don't let this alarm you it is standard procedure. They'll more than likely be delighted to see someone with a good account/history applying for a loan, and be more than happy to help you out.
Good Luck.

useful_contacts

aidanco wrote: »

you were most likely refused at junior management level

ive never applied for a credit inion loan before so im not sure what that means

aidanco

useful_contacts wrote: »

ive never applied for a credit inion loan before so im not sure what that means

it means that most big loans are discussed with the board of directors at a weekly meeting however a loan such as €500 can be decided at floor level i.e. the loan application is not forwarded up to the board for a decision and that the duty manger(creditor) makes a decision there and then. It is quite likely a credit check was ran on you. You can run one yourself online or snail mail at http://www.icb.ie/ it costs about €5.00 worthwhile if you have never done one before, or if you ever bought anything on HP

kaiser sauze

It is likely that you simply have not got enough recent history with the CU in question.

I'm willing to bet that in six months you would get the amount you're looking for with no issues, assuming you keep payments going into the account.

gogo

I don't think he been refused yet guys, he's just wondering on what critera they could refuse him on.

aidanco

gogo wrote: »

I don't think he been refused yet guys, he's just wondering on what critera they could refuse him on.

I am very dubious about that, for such a small loan it seems pointless to post a thread like this unless you were concerned over something:p

useful_contacts

gogo wrote: »

I don't think he been refused yet guys, he's just wondering on what critera they could refuse him on.

im a she

i met the loan guy this evening ill know in the morning

useful_contacts

aidanco wrote: »

I am very dubious about that, for such a small loan it seems pointless to post a thread like this unless you were concerned over something:p

im not concerned about anything i just wanted some peoples experiences etc as ive never applied there before

romah

The criteria for granting a loan from a credit union does not differ very much from any other finacial institution ..in no particular order..

1. Regular income
2. A good savings record ..because the savings you have act as some security for the loan from the credit union
3. A good history of repaying previous loans ..not been in arrears
4. No bad debt.reported to Irish Credit Bureau (ICB)

useful_contacts

i got the loan

thanks all:)

aidanco

Nice one happy spending !!!!