How flexible are the Credit Union regarding loans?

Magenta

Hi all,
I am hopefully returning to education soon. I am unemployed after just coming back from a year abroad working and travelling.
If I am accepted into the course I want, I am going to need a loan of anywhere between 20-35K (depending on if I can get a job and get some savings sorted before starting college).
If I get these courses I am going to be earning a good wage once I graduate, I iwll be practising in the healthcare industry and from what I understand jobs are plentiful enough and very well paid.
How likely is it that the Credit Union will give me a loan for say 10 years? I have heard they are a lot more easy going than the banks but until now the biggest loan I have ever taken out was about 3k.

Thanks!

Magenta

chris85

Magenta wrote: »

Hi all,
I am hopefully returning to education soon. I am unemployed after just coming back from a year abroad working and travelling.
If I am accepted into the course I want, I am going to need a loan of anywhere between 20-35K (depending on if I can get a job and get some savings sorted before starting college).
If I get these courses I am going to be earning a good wage once I graduate, I iwll be practising in the healthcare industry and from what I understand jobs are plentiful enough and very well paid.
How likely is it that the Credit Union will give me a loan for say 10 years? I have heard they are a lot more easy going than the banks but until now the biggest loan I have ever taken out was about 3k.

Thanks!

Magenta

i would be suprised if they would give a ten year loan since it is not secured on anything thus max can usually get is about 5 year.

Also with no guarantee that you can repay it as no job and ion education. I amy be wrong on this as you may get paid for placements or whatnot if its healthcare as you say.

i graduated with a first in a great area and working in a completely unrelated field as nothing there. I have met solicitors in the same position just cant get work. many other professions as well.

The banks and CU all like definites when it comes to ability to repay

matt70iu

Magenta wrote: »

Hi all,
I am hopefully returning to education soon. I am unemployed after just coming back from a year abroad working and travelling.
If I am accepted into the course I want, I am going to need a loan of anywhere between 20-35K (depending on if I can get a job and get some savings sorted before starting college).
If I get these courses I am going to be earning a good wage once I graduate, I iwll be practising in the healthcare industry and from what I understand jobs are plentiful enough and very well paid.
How likely is it that the Credit Union will give me a loan for say 10 years? I have heard they are a lot more easy going than the banks but until now the biggest loan I have ever taken out was about 3k.

Thanks!

Magenta

As Chris says, I would be very surprised if the credit union gave you a loan for that sort of money. The reason I say that is mainly due to the fact that you are unemployed at present.

I took a Student loan out to pay for my education, (15k) due to the downturn, I have not managed to secure a stable job, now the bank want their money! If at all possible, get a job, save for a couple of years, more if you have to and then do your education with a lot less or even no debt, best of luck!!

EI111

My credit union judges the size of the loan they will give you on how much savings you have and how good you have been repaying previous loans.
You need to show a solid repayment history in their credit union, have a large portion of the amount you want to borrow in savings (at least a quarter, but you would need to show very secure income flow to get that, 1/2 to 1/3 normally, although I had to take some fully secured loans before that privilege was granted to me). You also have to start repayments the day the loan is issued.
25-30k is a lot of money for a student loan, but it all really depends on your rating and your savings, at least at my branch that is.

matt70iu

"25-30k is a lot of money for a student loan"

Completely Agree!