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Credit Union Loan

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  • 12-03-2011 4:39pm
    #1
    tinglingtree
    Closed Accounts Posts: 19 ✭


    Hi there, im looking for info on applying to the credit union for a small loan, i have an account for almost a year, i never use it, thinks there's 50e in it. i have a perfect credit rating, got a report from the ICB. Two part-time jobs and im a full time mature (over 24) university student. If i lodged about 800 into my CU account on Monday, what do you think my chances of receiving a loan are? I want to cut down my working hours coming up to and during my exams. I know i would have to keep the 800 in the account but if i got 1600 of a loan that would be perfect. Dont want to have the 800 tied up to long in the CU though if its a no go. any info appreciated


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    #2
    highlandseoghan
    Registered Users Posts: 456 ✭✭highlandseoghan


    If you have not had a loan from the credit union before you need to lodge the 800 and ask for a loan of say 400 and each week for 4 weeks repay 100 and after the 4 weeks wait a week and apply for a loan of 1600 and you should get it without any problem.


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    #3
    tinglingtree
    Closed Accounts Posts: 19 ✭tinglingtree


    Really, this isn't an option for me as the whole point of getting the loan is to cut my hours at work in the coming week to give all my attention to my exams. by the time i would get the loan i wouldn't need it as i will be working full time immediately after my exams


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    #4
    tinglingtree
    Closed Accounts Posts: 19 ✭tinglingtree


    any other info on this topic??


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    #5
    bennyx_o
    Registered Users Posts: 4,033 ✭✭✭bennyx_o


    I looked to get a loan off them recently and they said it was doubtful I'd get it as I hadn't been saving with them regularly, might be an issue for yourself.

    My local credit union website says this on it
    To qualify for a loan a new member must be saving regularly for four months either on a weekly, fortnightly or monthly basis. First loans will be twice the amount of savings to a maximum of €6,500 over shares and must be fully repaid before making further applications. Further loans are normally on a 3:1 ratio and are subject to Credit Committee approval.

    Might be worth calling in and explaining the situation to them, they'll be able to tell you more


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