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Credit Union Loans

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  • 23-01-2012 8:58pm
    #1
    BenMicheal
    Registered Users Posts: 277 ✭✭


    Does anyone know the basic terms for a credit union loan?

    Basically, I have had the account open for a few years but have never had a substantial amount in it and used it sporadically. I'm starting to put money into it but will be looking to take a loan out around March. The bank is very expensive for loans as if late so my thoughts turned to the credit union. Will the CU tho point out that my little use and un-substantial (never more than 500 euro) as a deal breaker for a loan?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    BenMicheal wrote: »
    Does anyone know the basic terms for a credit union loan?

    Basically, I have had the account open for a few years but have never had a substantial amount in it and used it sporadically. I'm starting to put money into it but will be looking to take a loan out around March. The bank is very expensive for loans as if late so my thoughts turned to the credit union. Will the CU tho point out that my little use and un-substantial (never more than 500 euro) as a deal breaker for a loan?

    Have a search for a lot of recent threads asking same thing. Basically every CU has different lending criteria but some pillars which are there for any applicant.
    • Must be saving regularly (>3months)
    • Have regular income
    • Max Loan 3-4 times whats in savings

    This is a bit of a generalisation and will differ. I would advise talk to your credit union this week. Tell them you want a loan in March and ask them how to go about making your application as strong as possible.


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    #3
    chris_john_lane
    Registered Users Posts: 194 ✭✭chris_john_lane


    chris85 wrote: »
    Have a search for a lot of recent threads asking same thing. Basically every CU has different lending criteria but some pillars which are there for any applicant.
    • Must be saving regularly (>3months)
    • Have regular income
    • Max Loan 3-4 times whats in savings

    This is a bit of a generalisation and will differ. I would advise talk to your credit union this week. Tell them you want a loan in March and ask them how to go about making your application as strong as possible.

    Looking to join a credit union. But one credit union (malahide) told me i would have to wait 6 months before i could get a loan with regular saving. Is this normal ? thought it was only 3 months?:confused:


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    chris_john_lane wrote: »
    Looking to join a credit union. But one credit union (malahide) told me i would have to wait 6 months before i could get a loan with regular saving. Is this normal ? thought it was only 3 months?:confused:

    Every CU is different so would not be uncommon. Each CU sets their own lending criteria.


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