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Credit Union Question...

  • 03-02-2011 2:42pm
    #1
    sweetypie
    Registered Users, Registered Users 2 Posts: 23 ✭


    I am wondering if anyone can help me with regards to the CU.I am looking to take out a small loan for my wedding in September.It is my first loan with them but have been saving with them for 2 years now.How much are you allowed to borrow on your first Loan?

    Can you get your loan from them a few months in advance and then set a date after the wedding to start repayments, is that allowed?

    Any advice would be grateful.
    Thank you.


Comments

  • #2
    Opinicus
    Closed Accounts Posts: 816 ✭✭✭Opinicus


    IIRC when I got a loan a few years ago you had to have about 1/3 of the loan amount in savings. That may vary from CU to CU though, and it may also have changed since a few of them seem to have bad loans.


  • #3
    Mo MO
    Closed Accounts Posts: 83 ✭✭Mo MO


    Hi OP, it all depends on your repayment capacity. the savings ratio is there to make the loan easier to apply for.

    They will take into account your savings already and your income etc, you can apply at anytime and as I am a past bank employee myself i find the CU process alot more customer efficent and friendly. I applied for a 20k loan to pay off my car loan when I was only 3 month with my CU and had feck all savings and I got it.

    They will do their best for you.

    all the best with the wedding ;)


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