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credit union loan

  • 03-09-2013 8:59pm
    #1
    davemc180
    Registered Users, Registered Users 2 Posts: 286 ✭✭


    hi i just opened up a credit union account and i plan on saving 75 a week. when i hit the 2200 mark i was going to apply for a 4.5k loan and obviously id be a steady saving member a while.. will this work or will i be better of saving to 1k den asking for a small loan whilst saving and pay that off quicky and then reapplying at 2200?

    cheers for any help


Comments

  • #2
    snypers12
    Registered Users, Registered Users 2 Posts: 163 ✭✭snypers12


    davemc180 wrote: »
    hi i just opened up a credit union account and i plan on saving 75 a week. when i hit the 2200 mark i was going to apply for a 4.5k loan and obviously id be a steady saving member a while.. will this work or will i be better of saving to 1k den asking for a small loan whilst saving and pay that off quicky and then reapplying at 2200?

    cheers for any help

    The credit union are pretty good still for giving a loan. I think u are allowed 3 times the amount in your account so Id wait until you can get what you need. No point in paying interest on a small loan that you dont need


  • #3
    davemc180
    Registered Users, Registered Users 2 Posts: 286 ✭✭davemc180


    snypers12 wrote: »
    The credit union are pretty good still for giving a loan. I think u are allowed 3 times the amount in your account so Id wait until you can get what you need. No point in paying interest on a small loan that you dont need

    thanks for the reply, yea thats what i was thinking, but i was just unsure if ya needed to have a loan history with them befor asking for a few grand.. iv been told by people ya can only borrow the ammount ya have in shares the 1st loan then 2 or 3 times the ammount from then on??


  • #4
    snypers12
    Registered Users, Registered Users 2 Posts: 163 ✭✭snypers12


    davemc180 wrote: »
    thanks for the reply, yea thats what i was thinking, but i was just unsure if ya needed to have a loan history with them befor asking for a few grand.. iv been told by people ya can only borrow the ammount ya have in shares the 1st loan then 2 or 3 times the ammount from then on??
    O i dont know about that. I was just passing on what i was told by people when i opened my account but i havnt taken out a loan yet with them. Maybe they have changed the way they work


  • #5
    dharma200
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭dharma200


    Most credit unions want to see you have a loan history before giving you multiples of your shares, although policy's vary from branch to branch. In my credit union you canon,y borrow the equivalent to your shares on your first loan, once you have paid that back they will give you more...


  • #6
    davemc180
    Registered Users, Registered Users 2 Posts: 286 ✭✭davemc180


    i could be wrong thats just word of mouth iv heard its not from the credit union, hopefully its how you said it is lol


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  • #7
    Vologda69
    Registered Users, Registered Users 2 Posts: 926 ✭✭✭Vologda69


    dharma200 wrote: »
    Most credit unions want to see you have a loan history before giving you multiples of your shares, although policy's vary from branch to branch. In my credit union you canon,y borrow the equivalent to your shares on your first loan, once you have paid that back they will give you more...

    +1

    My credit record was recently shot to pieces. However, I saved with local credit union(€200) a month for a year. I then applied for a loan of €1500 (even though I was unemployed). Glad to say they approved the loan, which I recently paid back in full. I think most credit unions will not lend more than your shareholding for your first loan.


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