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On social welfare will CU give loan?

  • 04-09-2010 4:07pm
    #1
    fattymuatty
    Registered Users, Registered Users 2 Posts: 295 ✭✭


    Has anyone on social welfare any experience of being approved for a credit union loan? I save regularly although these days it's only 50e a week. It'll be my first loan and I have no one to go guarantor. I know it varies from cu to cu but any experiences/opinions would be good.


Comments

  • #2
    Annasopra
    Registered Users, Registered Users 2 Posts: 41,158 ✭✭✭✭Annasopra


    fattymuatty wrote: »
    Has anyone on social welfare any experience of being approved for a credit union loan? I save regularly although these days it's only 50e a week. It'll be my first loan and I have no one to go guarantor. I know it varies from cu to cu but any experiences/opinions would be good.

    I applied recently and was approved - however they did say a guarantor was compulsory

    It was so much easier to blame it on Them. It was bleakly depressing to think that They were Us. If it was Them, then nothing was anyone's fault. If it was us, what did that make Me? After all, I'm one of Us. I must be. I've certainly never thought of myself as one of Them. No one ever thinks of themselves as one of Them. We're always one of Us. It's Them that do the bad things.

    Terry Pratchet



  • #3
    fattymuatty
    Registered Users, Registered Users 2 Posts: 295 ✭✭fattymuatty


    Cheers, not what exactly I wanted to hear but good to know.


  • #4
    eimearcmh
    Closed Accounts Posts: 599 ✭✭✭eimearcmh


    fattymuatty wrote: »
    Has anyone on social welfare any experience of being approved for a credit union loan? I save regularly although these days it's only 50e a week. It'll be my first loan and I have no one to go guarantor. I know it varies from cu to cu but any experiences/opinions would be good.

    Yes many people who recieve social welfare get loans approved.
    As its your first loan you can only apply for a loan of up to 2/3 times(depends on the CU) what you have in your savings.
    You may or may not need a guarantor. Your age, income and other outgoings will be taken into consideration for this.

    The fact that you make regular payments to your savings will certainly help.:)

    Theres certain things which you didn't include that are important in the application, such as your age bracket, the purpose of the loan eg for college/personal/car etc and the amount.


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