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Question about credit union student loans

  • 18-08-2011 5:29pm
    #1
    rhythm90
    Registered Users, Registered Users 2 Posts: 130 ✭✭


    Am just wondering how quickly student loans from the credit union take to process? Am applying for one in the morning and am a little anxious as I need the money asap to put a deposit down on a place I viewed today for college!

    Some people have told me they'll approve them and you have the money in 24 hours, others have said they take up to a week or even more...

    Anybody got any info?? Cheers!


Comments

  • #2
    theboybrown
    Closed Accounts Posts: 11 ✭theboybrown


    credit unions have a loan approval committee that meet regularly to approve loans. I had to wait a week for approval as they met every friday. Different CU's might meet less or more regularly. They'll tell you when you apply. once approved they give you the cash or a cheque once you and a guarantor sign the loan agreement.


  • #3
    ethernet
    Registered Users, Registered Users 2 Posts: 3,568 ✭✭✭ethernet


    I tried my Credit Union but they don't so student loans - only standard loans. APR of ~12% on it (~6% only for car loans) and there was no option for deferred payment. In this case, they'd also require you buy a minimum amount of shares (have x amount in your account) and lodge money over six weeks. Only then could you apply to borrow up to three times your account balance and then the money in your account would be frozen and used as a form of collateral. Needless to say, not very student friendly!

    Hate to say it, but a student loan from the bank might be an option if your Credit Union also doesn't offer a student loan.


  • #4
    RealistSpy
    Registered Users, Registered Users 2 Posts: 1,686 ✭✭✭RealistSpy


    I have been been getting student loans from the credit union and it has been great so far. You get the money relatively quick, as long as you have a least 1/3 of what you are loaning in you account.

    Good luck and let us know how you get on.


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