Credit Union Loan

DJKendo

Hello there, just a quick question.

I haven't used my Credit Union account in around 2 years, and think there is only a couple of euro in it.

If I went in tomorrow and applied for a loan of around €200, how likely is it that I would actually be accepted for the loan?

Thanks

anplaya

cant see them giving it to you, my cred union says ya have to be saving over a minimum period continuously(think its 10 weeks minimum) before ya apply for a loan,maybe its different with yours but i doubt it

DeadMoney

Hey sorry don't mean to hijack this thread but I have a similar enough query. I opened a CU account in 2008 while working full time and saved for about 5 months in it. I saved around 4.5k before withdrawing the lot in June 2008 and going travelling for a few months. Since then I have not lodged any savings in to my account but the account is still open and there is something small like 25euro in sitting in it.

I have not lived at home either since so this is why I have not used it and instead opened a bank of Ireland student account when I went back to college. Anyway I am looking for a loan now of 3k and I do not think my chances are good with the BOI as my previous loan with them went overdue for repayment and needed to be re-structured (this is now cleared however).

So I am thinking of other options in the event the BOI say no and was thinking about trying the CU. Obviously with no account activity since 2008 I would start saving again for a few weeks before applying. I have a job so there is proof of income. I hear that CU loans allow you to take something like 3-4 times your savings and they hold your savings against the loan so if I wanted a 3k loan, would I have to save up around 1k and then apply for 4k?

I can get a parent guarantor but is not a credit union customer afaik. I just want to get an idea first of how likely it would be to get approved as I don't want to waste time building up credit with the CU and then be refused while I could have been focusing on other options. Anyone have any idea if I would be successful?

Thanks

DJKendo

anplaya wrote: »

cant see them giving it to you, my cred union says ya have to be saving over a minimum period continuously(think its 10 weeks minimum) before ya apply for a loan,maybe its different with yours but i doubt it

cool thanks for the reply

DeadMoney

I just rang my local CU and asked about applying for a loan down the line. Since I have previously saved with them the said that I would just need to save again for about 5 weeks before applying for a loan and that I could get 4-5 times the amount I have saved. I am looking for a 3k loan in total so say I have 1k saved and they give me a 3k loan, could I use my 1k savings to pay the rest of the loan off once I have 2k cleared? Sorry am a bit confused to how it works.

Cheers

bennyx_o

DeadMoney wrote: »

I just rang my local CU and asked about applying for a loan down the line. Since I have previously saved with them the said that I would just need to save again for about 5 weeks before applying for a loan and that I could get 4-5 times the amount I have saved. I am looking for a 3k loan in total so say I have 1k saved and they give me a 3k loan, could I use my 1k savings to pay the rest of the loan off once I have 2k cleared? Sorry am a bit confused to how it works.

Cheers

I used saving to clear a previous loan with them, so unless something has changed, you should be able to

It's worth pointing out though that when you use your savings to clear your loan, the Credit Union don't seem to like people doing that at all, and it may hinder future loans from them.

bennyx_o

Deleted User wrote: »

It's worth pointing out though that when you use your savings to clear your loan, the Credit Union don't seem to like people doing that at all, and it may hinder future loans from them.

Ment to mention that, when I applied for a loan after clearing the previous one with savings, it went against me.

DeadMoney

Anyone know what their repayments scheme is like? Can you choose what period you wish to repay the loan as with regular bank loans?

bennyx_o

You can pretty much choose what you like, and choose whether you're going to pay it weekly, fortnightly or monthly. You're best bet is to go into your local CU and talk to someone about it, tell them how much you're looking for, repayments etc and they'll advise you. They are more helpful than a bank IMO

Anyone

OP:
Call into or phone your Credit Union. All credit unions are different, and separate companies, so what happens in one may not happen in another, so the advice you get here may not be of any use unless you are talking about the same Credit Union.

NickMondo

ugh i'm dreading wed, I went into the credit union i'd start working the week prior, not full time but like over 30hrs so basically full time and applied for 2k had small loan before and paid it back and one since which i've never missed a payment on, but looking for 2k which sounds reasonable to me like i'm making money and can easily repay it they asked me to drop in a payslip my overs all over the place so couldn't but got my mam to drop it in. The girl she got told her I needed 3 slips and some bank statements but she wasn't who I was dealing with feels like a no hoper although the request seems perfectly reasonable to me like i'm working and the repayments are nothing to worry about, any thoughts on the likelyhood i'll get it?

DeadMoney

Hi, I will be applying with the CU for a loan of 3k within the next 2 weeks. I started lodging money from my main bank account around 1 month ago so I need to get my balance up to 600 if I am to apply for 3k. I spoke with them on the phone earlier and they said that social welfare payments are adequate for proof of income as I am living at home now and not working at the moment. I also have a guarantor so hopefully I will get approved. Do they do a credit check like the main banks do when you apply for a loan?