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Credit Union Loan

  • 17-02-2011 6:12pm
    #1
    merro10
    Registered Users, Registered Users 2 Posts: 25 ✭


    I'm saving in the credit union weekly putting about 100 in a week. I have 1200 in it now and I'm looking to get up to 2000 so i can borrow 4000 for a car. Will i get a loan of 4000 if I have 2000 in it? Bearing in mind i have been saving 100 a week on a weekly basis. Thanks for any advice.:)


Comments

  • #2
    filmbuffboy
    Closed Accounts Posts: 894 ✭✭✭filmbuffboy


    How long have you been with the credit union? have you any previous loan history with them? If so they will take that into account. They will generally lend double what you have saved, but given the current climate they might look for a guarantour/proof of stable income. I have been with my credit union over ten years and in the past payed a 10k loan back with them on time and never missed a payment! I recently went in for a 500 euro loan with them and was refused because my only source of income now is my student grant! :mad: despite my flawless record and savings. every credit union is different, but if you are working and have savings you will probably be fine. apply- the worst thing they can do is say no!


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