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52 year women and loan in Credit Union

  • 06-06-2012 1:53am
    #1
    Igor2155
    Registered Users, Registered Users 2 Posts: 147 ✭✭


    Hello, I have question, do u think that a employed 52 year women (my mom :P) can get a loan for about 2k?, she has account in BOI about 5 years, her incomes is 850 per month, she dosent have husband, shes single she dosent have any properties, shes just working in school.


Comments

  • #2
    [Deleted User]
    Posts: 25,611 ✭✭✭✭ [Deleted User]


    Usually you have to have shown a pattern of saving with a credit union for them to give a loan. Anecdotally they seem to be getting a lot tighter with their loans as well, several people who've had loans in the past with no problems have recently been turned down for any.


  • #3
    Igor2155
    Registered Users, Registered Users 2 Posts: 147 ✭✭Igor2155


    Okay thanks? But what if shes not a member of credit union? She just wanna open account in CU.


  • #4
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    As mentioned above, she needs to have an account there and show some history of saving.


  • #5
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    It varies from CU to CU but typically you would need to be a member and saving for 3 months before being considered for a loan, and then for the first loan, they would only lend 2 x savings, so she would need to have €1000 on deposit with them.
    Has she applied to BoI for the loan?


  • #6
    Igor2155
    Registered Users, Registered Users 2 Posts: 147 ✭✭Igor2155


    Yes, they said in letter "we cant give you a loan at this moment"...which is strange cuz she has always money on her account (maybe sometimes she took -20 euro)...


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Igor2155 wrote: »
    Yes, they said in letter "we cant give you a loan at this moment"...which is strange cuz she has always money on her account (maybe sometimes she took -20 euro)...

    It doesn't matter how much money she has in her BOI account, all that matters are three things.....

    1. Your history of borrowing and paying back a loan

    2. Your history of not overdrawing unless it was approved in advance.

    3. If you have a credit card from that bank, always being on time with the minimum monthly payment and not rolling over interest from month to month.

    Taking out a loan and making all of the payments on time gets you brownie points. Being late for some instalments gets you negative points as does missing minimum credit card minimum monthly payments or putting your current account in the red unless it's authorised.

    Having a large savings account does nothing for your status with the bank.

    If she's never had a loan from that bank and occasionally goes into the red with no approval, she will not get a loan from them.


  • #8
    badgerbroc11
    Registered Users, Registered Users 2 Posts: 141 ✭✭badgerbroc11


    You should get your mother to open a cu account either way. Once a member she will qualify for the Life Savings Insurance, the death benefit insurance and if she qualifies do the loan she will also be covered by the loan insurance. Normally cu's provide these at no cost to the member.


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