Credit Union - Loan advice

Quiko09

Im hoping to join my Credit Union this week and put in apx 30euro a week for about 2 months, Then 80euros from the month of March onwards..

Can anyone tell me , after this i hope to have 1500euros in my account at least

should i be able to get a loan of apx 4500euros.
ive been unemployed fot the last while so bank savings not been great,as that accounts takes car insurance, tax out, i live with my partner, he is a good saver in that c.u for many years,and a local in the area.

i have been told i will be starting a job on ce scheme, as soon as garda vetting is cleared which will be about March time - due to long delays.

so from job on hope to put 80 euros in a week -and 20euro into new bank account - which i also hope to set up this week, seperate to one that i use for car and phone bill payments.

i need loan for early september of this coming year, so could i apply end of May - june time?
neither I or my partner have any loans or morgages out.

please, if anyone can tell me what i maybe could be lent , for 1st time lender, I would be grateful

badgerbroc11

€80 into Cu and €20 into bank on ce scheme only leaves approx €100 per week to live on. Ability to repay on 4500 would be quite tight. The purpose of the loan would have a lot to do with the decision, but without a previous history with the cu I'd say chances are slim enough.

The may factor in your partners account and ask him to go as guarantor for additional security.

deelite

I was under the impression that for your first loan you could only get twice your savings - but that may vary from credit union. Good luck with the saving.

eriko411

Most CU only give you double your savings for your first loan. Recently some will only start you off with a covered loan (loan within shares) this is to simply build credit history, specially if your not working.

I have worked in this area for ten years recently they turn down first loans so the member asks for a smaller one. Most CU's allow you to apply for a loan only after 3 months in which you should be saving.

If you can apply for a small cover loan and pay it back by the agreement (dont throw lum sums at it). When its near done you can apply for the bigger one.

Quiko09

Thanks for advice guys - so this ''cover loan''- appoximatly how much would this be? or what is amount of loans given out at this current time?
Thank you

ResearchWill

Quiko09 wrote: »

Thanks for advice guys - so this ''cover loan''- appoximatly how much would this be? or what is amount of loans given out at this current time?
Thank you

Maybe I could try for 2500euro instead?

As stated by the poster just above yours, "covered loan (loan within shares)" so it's a loan that can not exceed you savings, of if you have €1,500 saved if the CU will only give a covered loan, then cap is €1,500.

Maybe better off after 3 months get loan for the amount of savings, pay it back correctly then ask for larger loan.

Quiko09

ResearchWill wrote: »

As stated by the poster just above yours, "covered loan (loan within shares)" so it's a loan that can not exceed you savings, of if you have €1,500 saved if the CU will only give a covered loan, then cap is €1,500.

Maybe better off after 3 months get loan for the amount of savings, pay it back correctly then ask for larger loan.

Thanks Reasearchwill' - I hope they give me that kind of loan