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Chances of a credit union loan

  • 10-04-2011 6:26pm
    #1
    Andy21
    Closed Accounts Posts: 2 ✭


    Hi

    I am wanting to get a top up loan from the credit union !

    I have shares of 1100e
    and the balance of my current loan is at 980euro that was granted in April of 2010 (I got 3000e)

    I was looking at getting between 3200-3600e

    I have not missed one payment and i payed over 2000e in 1 year off the loan

    Its my third loan i will be applying for .

    But my circumstances have changed and i am now unemployed getting U.B

    What do u think my chances are of getting it ?

    Thanks in advance for any replies or suggestions :)


Comments

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


    Each C Union works differently so I cant fully answer your question but when I was unemployed last year my CU refused me a loan of 500 euros despite having paid off 10k and not missing a payment in 2003-06.

    BUt as I said, each CU works differently. no harm in asking.


  • #3
    Andy21
    Closed Accounts Posts: 2 ✭Andy21


    Thanks for the reply ... thats discusting that they refused you of 500e

    My friend got a loan of 3k and has never had a job :(

    I guess im best just calling them


  • #4
    roseym
    Registered Users, Registered Users 2 Posts: 98 ✭✭roseym


    Having just gone through the CU loans process I must say they're great to deal with, very fair, and really do their best for you - especially if you have been a long time customer. But they're a business at the end of the day, so if they don't think you'll be able to repay the loan then they won't give it to you, or will only give you as much as they feel you'll be able to repay.

    They give out loans at a 5:1 loan:shares ratio so you're grand on that front, but I seriously doubt you could satisfactorily meet their debt:income ratio if you try to keep up two loan repayments while on UB. There's a calculator at http://credit.about.com/library/calculators/bl_debttoincomeratiocalc.htm check out what yours would be with the new loan repayments included. My advice would be to ask for a top up of your existing loan so you'll then only have one repayment, and spread repayments out over the maximum allowable term of 5 years. A top up of 3600 on top of your existing loan spread out over 5 years should work out with repayments of roughly €25 per week. As long as you don't have very high living costs or other outstanding debts then that is doable. At least then you would only have one loan repayment and it would be kept as low as possible.

    I wouldn't hold my breath about getting the full amount you're looking for though...they have tightened up significantly of late. The days of having loans approved over the phone are long gone! I had to bring in three months payslips and 6 months bank statements with me. Not sure what the requirements for people on UB would be.


  • #5
    PennyLane88
    Closed Accounts Posts: 146 ✭✭PennyLane88


    ^ yeah they definitely tightened up lately. I had to show proof of income, wage slips and 3 months bank statements. And a guarantor even though i paid my first loan early (it was a BOI loan). I will know tomorrow if i got approved. I'm taking out 9000 so hopefully it should be okay


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