Credit Union

Dee_1982

I was just wondering how long you have to be with the credit union to get a small loan approx 2k.
Is it the same process as applying for a bank load or easier?
Any info would be great, thanks.

cookie1977

once they see you saving regularly with them they will loan you out multiples of what you've saved (up to a limit based on guidelines and your particular circumstances). Call them up and ask.

Dee_1982

Do they usually need to same criteria as the bank dose for a personal loan ie. pay slips, statements??

ghogie91

I saved like 1600 euro with the credit union from the first opening day of 2012 until the first of march, with the intention of a small loan like yourself. I called to apply and to say the proof is there i have a steady cash flow as I had just become a member and started saving straight away.

I was told by the woman that it be another 8 weeks,from the first week in march, of saving before I could be considered eligible for a loan.

Pee'd me off but I understood at the same time :cool:

coylemj

OP, every credit union is different. There's no point in asking questions like that unless you name the CU which probably isn't a good idea so your best bet would be to ask someone who is a member of your local CU and who has experience of getting a loan from them.

Generic replies about unidentified CUs on this forum are of no value to you at all.