credit union loan

lisak89

hi dont know if im posting in the right place but here goes, im wondering would anyone know my chances of getting a credit union loan.im a 22 year old single parent, unemployed been saving 13 weeks and have 350 euro saved.. im looking for around 1000 for a car as i am startin college in september, would appreciate any info thanks

ytpe2r5bxkn0c1

lisak89 wrote: »

hi dont know if im posting in the right place but here goes, im wondering would anyone know my chances of getting a credit union loan.im a 22 year old single parent, unemployed been saving 13 weeks and have 350 euro saved.. im looking for around 1000 for a car as i am startin college in september, would appreciate any info thanks

It really deppends on the CU you are a member of. They are all very easy to deal with and the best option is to phone the loan officer and simply ask. I'd imagine you would be ok for €1000.:)

shano1888

I think as a general rule of thumb they will lend you 3 times your savings so you should be ok for 1000. That is not set in stone though just what i was told in my own branch.

lisak89

thanks fingers crossed so ill just have to bite the bullet an go for it.

foggy_lad

lisak89 wrote: »

thanks fingers crossed so ill just have to bite the bullet an go for it.

Many credit unions are reducing the amounts which newer members can borrow for their first loan/first year with the credit union.

dudara

Moved to Banking & Insurance & Pensions

dudara

MagicMarker

I would have thought you wouldn't stand a chance tbh. Yes they'll normally lend a multiple of your shares but you still have to show you can pay it back! An unemployed student with a dependant might find it difficult to be approved.

However, if you save at the rate you have been then you'll have 1k by September anyway so....

ANXIOUS

Slightly off topic, can a person join any credit union? Also are here any in Dublin city?

GerardKeating

ANXIOUS wrote: »

Slightly off topic, can a person join any credit union? Also are here any in Dublin city?

You tend to have to join the relevant one for your area.

P. Breathnach

GerardKeating wrote: »

You tend to have to join the relevant one for your area.

Not simply geographic area. You can join one for an occupational group, or for any area with which you have a genuine community connection.

twowheelsonly

Will you seriously need a car OP??
Tax and insurance is probably going to be a minimum of another €1000
Add in running costs, in particular Petrol these days, and it starts to get very expensive. A car for €1000 is also likely to be old and in need of of regular maintenance. You don't say whether or not you have a licence but lessons are another expense and you'll need a fully licensed driver with you until you qualify yourself.
If I were in your shoes I'd be considering a moped if you really need motorised transport. They're cheap enough to buy and insure and will run forever on a drop of petrol.
The Credit Union will most likely also look at the 'extras' that running a car costs as this will also impact on your ability to meet repayments.
I'd think long and hard about it if I were you. You have the rest of your life to get sorted with a car and IMO there's no point in saddling yourself with a debt that's going to put your disposable income under pressure.
As it stands you're halfway to having a moped on the road with your current savings!!

anthonyross

well i was just wondering would anybody be able to tell me if i could get a loan for 400 euro im 23 unemployed have moved house to different town last year when i was working i saved just under 3 grand but that has all gone so my account is near empty does anyone know would they take that onto account when dealing with me?

bubbuz

lisak89 wrote: »

hi dont know if im posting in the right place but here goes, im wondering would anyone know my chances of getting a credit union loan.im a 22 year old single parent, unemployed been saving 13 weeks and have 350 euro saved.. im looking for around 1000 for a car as i am startin college in september, would appreciate any info thanks

being a single parent myself (also unemployed) can I ask how in the hell you managed to SAVE money ????, jesus, can you book me an appointment with your social welfare officer, I think im being robbed

drunkmonkey

anthonyross wrote: »

well i was just wondering would anybody be able to tell me if i could get a loan for 400 euro im 23 unemployed have moved house to different town last year when i was working i saved just under 3 grand but that has all gone so my account is near empty does anyone know would they take that onto account when dealing with me?

If you've went through your 3 grand, and need another 400 it wouldn't look to good, the account is going in the wrong direction and anybody would be hesitant to lend based on that information.
Hope you have some luck getting some hours somewhere in the new town, it could be the quickest way to reverse the account situation.

anthonyross

thanks drunkmonkey

lisak89

bubbuz wrote: »

being a single parent myself (also unemployed) can I ask how in the hell you managed to SAVE money ????, jesus, can you book me an appointment with your social welfare officer, I think im being robbed

i dont smoke or drink and have very few bills i live with my mum

wmpdd3

You could offer for your mum to go guarantor.

chris_john_lane

Looking to join credit union was told i need to be saving for 6 months (malahide branch) before i can get a loan. Is it the same in all credit unions? I thought it was 3 months