If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Credit Union loans - how difficult is it to get one?

EG77 · 2009-06-18 08:58:32

planning on opening a credit union account and applying for a loan of approx 12k in the next few months. how long would i have to be saving with them and how much savings would i need to get a 12k loan? how difficult is it to get a loan off them? thanks

18-06-2009 8:58am

#1

EG77

Closed Accounts Posts: 14 ✭

Join Date: January 2008

Posts: 10

planning on opening a credit union account and applying for a loan of approx 12k in the next few months.

how long would i have to be saving with them and how much savings would i need to get a 12k loan?

how difficult is it to get a loan off them?

thanks

0

Comments

#2 18-06-2009 9:39am

ntlbell

Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭

Join Date: October 2004

Posts: 15741

each situation is based on it's own merits

they usually give you multiple's of what you have saved

so if you save 2k over 6 months the first loan is usually double that so 4k

the longer you save the more loans you get generally the more money they give.

0
#3 19-06-2009 8:26am

EG77

Closed Accounts Posts: 14 ✭

Join Date: January 2008

Posts: 10

thanks - so how long do you think in your exp i would have to be saving to get a loan of 12k?

0
#4 19-06-2009 9:27am

ntlbell

Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭

Join Date: October 2004

Posts: 15741

EG77 wrote: »

thanks - so how long do you think in your exp i would have to be saving to get a loan of 12k?

that depends how quick and how much you're saving?

there used to be a huge difference in interest rates in cu's compared to banks but not so much anymore

you might be better off looking at a bank loan if you're in a hurry.

0
#5 19-06-2009 4:40pm

madmik

Closed Accounts Posts: 423 ✭✭

Join Date: September 2008

Posts: 393

12K should be easy enough to get a loan off
shop around for the best rate regardless of whether its a c/union or bank

0
#6 19-06-2009 11:37pm

stepbar

Closed Accounts Posts: 6,123 ✭✭✭

Join Date: June 2005

Posts: 5886

Repayment capacity, repayment capacity, repayment capacity. It's as simple as that. If you don't have same you won't be getting the loan. Unfortunatly the systems in the Credit Union are not as developed as the mainstream banks and as such you might find it easier to get the loan you require.

0
Advertisement
#7 22-06-2009 1:57pm

WindmillWarrior

Registered Users, Registered Users 2 Posts: 703 ✭✭✭

Join Date: October 2008

Posts: 676

What about getting a loan if you have a big dirty mortgage?!! I'm lookin to get a loan of €5,000. I assume the mortgage will not be looked upon favourably?

0
#8 22-06-2009 2:02pm

bobbysands81

Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭

Join Date: March 2005

Posts: 6759

EG77 wrote: »

planning on opening a credit union account and applying for a loan of approx 12k in the next few months.

how long would i have to be saving with them and how much savings would i need to get a 12k loan?

how difficult is it to get a loan off them?

thanks

My first loan in the credit union about 4 years back was 38k, I had about 9k of shares in the credit union. The Credit Union is connected to my job though so my first loan was allowed to be x5 my shares. I had been saving with them only a few months at the time.

WindmillWarrior wrote: »

What about getting a loan if you have a big dirty mortgage?!! I'm lookin to get a loan of €5,000. I assume the mortgage will not be looked upon favourably?

<SNIP>

0
#9 22-06-2009 2:03pm

bobbysands81

Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭

Join Date: March 2005

Posts: 6759

stepbar wrote: »

Repayment capacity, repayment capacity, repayment capacity. It's as simple as that. If you don't have same you won't be getting the loan. Unfortunatly the systems in the Credit Union are not as developed as the mainstream banks and as such you might find it easier to get the loan you require.

I would say fortunately... not unfortunately.

0
#10 22-06-2009 2:17pm

WindmillWarrior

Registered Users, Registered Users 2 Posts: 703 ✭✭✭

Join Date: October 2008

Posts: 676

bobbysands81 wrote: »

<SNIP>

Thats brilliant mate, thanks very much for that

0
#11 22-06-2009 5:16pm

Toots

Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭

Join Date: October 2007

Posts: 16147

Folks, asking for/giving advice on making false declarations on loan applications is not allowed in this forum. Please familiarise yourself with the Charter before posting.

0
Advertisement
#12 22-06-2009 5:26pm

rugbyman

Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭

Join Date: March 2007

Posts: 1685

until a year or so ago Credit Unions went on one thing only, your savings record and regularity of same.

now its completley changed and its ,as stepbar says, repayment capacity!
Until recently many C.U. s did not have info sharing on the credit bureau.
Go and ask your local C.U now and see the loans officer.

the big thing ,and best thing, about the C.U. is that they prob know you.

regards, Rugbyman

0