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declined? [for Credit Union loan]

  • 11-07-2013 10:21pm
    #1
    rainbows7
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    Hi,

    Hoping to get loan with Credit Union of 30,000, if my only guarantour is in debt, (maybe 15,000) will it go against my application? Even though guarantour owns huge house. They want a set of her Accounts from last year. Please advise...


Comments

  • #2
    wmpdd3
    Registered Users, Registered Users 2 Posts: 9,625 ✭✭✭wmpdd3


    The house will not be collateral though? As in the loan will not be secured on the house.

    The guarantors cash flow would decide if they can guarantee the loan, not their capital assets.


  • #3
    badgerbroc11
    Registered Users, Registered Users 2 Posts: 141 ✭✭badgerbroc11


    rainbows7 wrote: »
    Hi,

    Hoping to get loan with Credit Union of 30,000, if my only guarantour is in debt, (maybe 15,000) will it go against my application? Even though guarantour owns huge house. They want a set of her Accounts from last year. Please advise...

    Thanks to new consumer protection insurance aimed at protecting you, the borrower, the CU is legally required to establish that both you and your guarantor have the ability to repay. This would also include performing credit checks on both of you.


  • #4
    user37
    Registered Users, Registered Users 2 Posts: 128 ✭✭user37


    Interested to know how you got on as i am in a similar position myself ?

    Did u need a guarantour to go with you for the loan as i was hoping i could go on my own??


  • #5
    hades
    Registered Users, Registered Users 2 Posts: 493 ✭✭hades


    Some credit unions have a maximum loan they can give out, this can range from €10k to €20k. These stipulations are on the credit unions that got into trouble a few years back.

    There's also a big dependence on how much savings you have in the credit union aswell. I'd imagine for a €30k loan, you'd need €4k to €6k in savings.


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