Credit Union Advice Needed

smokey32

Hi Hoping someone can give me some info.
I intend to join the credit union tomorrow and will only be able to save 10 or 20 euro a week. By next august i hope to have about 700 euro saved and will then try to apply for a loan of about 1500 euro. This would be my first ever credit union loan and when i join tomorrow its the first time i will have been a C.U. member. I have no outstanding bank loans but i am unemployed.
Hoping somone could tell me what the chances are of getting the 1500 loan and would i have saved enough to get this amount.
Thanks for reading. Any help greatly appreciated

P. Breathnach

Each CU is a separate institution, and their policies can vary. So there is no definitive answer to your question.

As a general rule, a six-month record of saving regularly would count very much in your favour, as it would show that you could maintain a repayment commitment at that level. When you join the CU, it is quite reasonable to ask about their lending policies, and it would be advisable to be upfront about your employment status.

eriko411

Hi

Most credit unions only offer double your savings on your first loan.
Under new rules from central bank you must supply proof of income (payslips or welfare receipts).

Some CU's ask for a guarantor on first loans or if your renting.