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Credit Union loan @ 18

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  • 31-10-2011 11:09pm
    #1
    Sean33
    Registered Users Posts: 47 ✭


    Hello everyone,

    I'm currently on a fas course for computer programming course for the next 5 months and have been doing web design for a year or so now. The laptop Ive been using all this time has recently broke and I'm in need of a propper desktop as I intend on making a career out of this. I'm taking in 200/week through this fas course and I'm currently living @ home. I spend about 65 a week on food so the rest can be saved (135-140).


    I don't have a CU account and have never delt with them before. What I'm looking to get is a 2000 euro loan. What are the chances that I'll get it? Will I have to save with them for awhile or will they hand out out before that?


    Thank you.


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    #2
    aN.Droid
    Closed Accounts Posts: 1,911 ✭✭✭aN.Droid


    For what you require you could build a PC for around 400-500 euro that will run any programming suite out there. You could save this up quite fast with what you get from your course. If you need help with sourcing parts and building the PC then I suggest you check out the pc build forum here.


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    #3
    Sean33
    Registered Users Posts: 47 ✭Sean33


    Limericks wrote: »
    For what you require you could build a PC for around 400-500 euro that will run any programming suite out there. You could save this up quite fast with what you get from your course. If you need help with sourcing parts and building the PC then I suggest you check out the pc build forum here.

    Thanks but I'd like to get a PC that will last me a few years. I'll be building it myself. Ive built a few PCs in the past I'm well aware of what I'm doing but thank you. :)

    I'd just like to know about the loan for now thanks.


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    #4
    Keary1979
    Closed Accounts Posts: 21 ✭Keary1979


    Sean33 wrote: »
    Limericks wrote: »
    For what you require you could build a PC for around 400-500 euro that will run any programming suite out there. You could save this up quite fast with what you get from your course. If you need help with sourcing parts and building the PC then I suggest you check out the pc build forum here.

    Thanks but I'd like to get a PC that will last me a few years. I'll be building it myself. Ive built a few PCs in the past I'm well aware of what I'm doing but thank you. :)

    I'd just like to know about the loan for now thanks.

    You need a saving history with the credit union
    Also dont think they lending much money at the mo


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    #5
    Sean33
    Registered Users Posts: 47 ✭Sean33


    Keary1979 wrote: »
    You need a saving history with the credit union
    Also dont think they lending much money at the mo


    Yeah thats what I expected.

    Any idea how long you have to save before they would hand out a loan?

    Ive heard you need to save up for around a month at which point you can take out a loan for x3 the ammount you have saved? Any truth to this?


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    #6
    Chessala
    Registered Users Posts: 263 ✭✭Chessala


    As far as I know it's 3 months of being a member+saving history in that time.


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    #7
    Lola18
    Closed Accounts Posts: 152 ✭✭Lola18


    Your first loan can only be for the same amount as you have in your savings, second loan can be double your savings and third loan triple your savings.


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    #8
    quad_red
    Registered Users Posts: 5,561 ✭✭✭quad_red


    Sean33 wrote: »
    Hello everyone,
    I'm currently on a fas course for computer programming course for the next 5 months and have been doing web design for a year or so now. The laptop Ive been using all this time has recently broke and I'm in need of a propper desktop as I intend on making a career out of this. I'm taking in 200/week through this fas course and I'm currently living @ home. I spend about 65 a week on food so the rest can be saved (135-140).
    I don't have a CU account and have never delt with them before. What I'm looking to get is a 2000 euro loan. What are the chances that I'll get it? Will I have to save with them for awhile or will they hand out out before that?
    Thank you.
    Sean33 wrote: »
    Thanks but I'd like to get a PC that will last me a few years. I'll be building it myself. Ive built a few PCs in the past I'm well aware of what I'm doing but thank you. :)
    I'd just like to know about the loan for now thanks.

    Just an opinion but maybe you need to cut your cloth to match your budget here?

    You will have to pay interest on a loan. And you don't have much income to go on.

    Why not save 120 per week for a few weeks and build a decent rig that is more than capable of undertaking the tasks you've specified (web design) for at least 2/3 years?

    When you're in a more favourable financial position then buy a 2k monster rig for more intense 'web design' or whatever. I want the best is not sufficient for taking on a loan that amounts to almost fifteen times your weekly net disposable income (not including interest) when you're very limited means to pay it back.

    Just an opinion though.


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    #9
    iminireland
    Registered Users Posts: 47 ✭iminireland


    Good advice, forget the loan for now.


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