College loan from the credit union!!

MrMcLegend

hey i was just wondering if anyone could give me some info!

i've just started college in england and i might be getting a bursary but if this falls thru i could be stuck for money in a couple of months. i have a credit union account for as long as i can remember but never really saved in it while i was working and there is only about 10 euro in it!!!

if i lodged some money (like 3 or 4 hundred quid) in the account would i be able to get a loan on that or do they prefer to see you saving over a number of weeks as ive heard this before from someone??

ILA

MrMcLegend wrote: »

hey i was just wondering if anyone could give me some info!

i've just started college in england and i might be getting a bursary but if this falls thru i could be stuck for money in a couple of months. i have a credit union account for as long as i can remember but never really saved in it while i was working and there is only about 10 euro in it!!!

if i lodged some money (like 3 or 4 hundred quid) in the account would i be able to get a loan on that or do they prefer to see you saving over a number of weeks as ive heard this before from someone??

This would probably be better suited to the Banking, Insurance and Pensions forum. (Mods going to kill me for taking his job! But to be clear I am not a Moderator)

Obviously a track record with an institution is generally a bonus. However, officially the Credit Union are supposed to be good for lending though I've never saw it, and they nearly always want a guarantor (parent, spouse, etc.) even for a small loan for an employed person. Current or future (when in college) employment would be a big advantage as well, and you could provide pay slips as proof of earnings.

They generally loan about twice the amount you have invested in Savings, so you put in €300 they can loan you €600, put in €400 they can loan you €800 and so forth.

The maximum they can loan to any one person is €15,000

RealistSpy

Yeh Credit Union is my recommendation for College student. You have to be able to prove you can repay it though. The max load you can get is 3 x what you have in the account.

GL

ShayK1

ILA wrote: »

This would probably be better suited to the Banking, Insurance and Pensions forum. (Mods going to kill me for taking his job! But to be clear I am not a Moderator)

Thank you,
I was actually wondering where to put it.

Moved From Carlow IT
ShayK1

Jet Black

I was taking to a friend who works in the credit union and they said a lot of people are trying this. Lodging a couple of hundred and then looking for a loan of a couple thousand. The credit union will not know if you will be able to make the repayments as they dont have a record, they rely on this as they dont use the ICB and have no way of knowing if you defaulted on other loans.
Also your living in England so it would be another risk lending you the money.

No harm in trying though:-)

MrMcLegend

thanks for the feedback, suppose i could try use one of my parents as guarentor aswel to help the process. i might be getting a bursary but its still up in the air at the min so this is a just in case