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Need loan! Bank/Credit Union or Both??

  • 10-11-2013 11:27pm
    #1
    Joanneteresa
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi, I have started saving €100/week with bank also, €100/week with credit union. I am getting married next August and plan on getting a loan. What are best options for me. I will be wanting to borrow 15-18k. Am I better saving all my money with  bank? Is there a guarantee or am I best saving with each bank and Credit union??


Comments

  • #2
    Bank of Ireland: Sean
    Closed Accounts Posts: 230 ✭✭Bank of Ireland: Sean


    Joanneteresa wrote: »
    Hi, I have started saving €100/week with bank also, €100/week with credit union. I am getting married next August and plan on getting a loan. What are best options for me. I will be wanting to borrow 15-18k. Am I better saving all my money with  bank? Is there a guarantee or am I best saving with each bank and Credit union??
    Hi Joanneteresa,

    Thanks for contacting us through Boards. 

    All loan applications are dealt with on a case by case basis.  If you contact your account holding branch directly you can arrange an appointment to speak to a customer adviser, they will be happy to discuss all the options that are available to you.

    Alternatively you can apply online here.

    We wish you all the best with your wedding next year.

    Thanks

    Seán


  • #3
    SJT1
    Registered Users, Registered Users 2 Posts: 84 ✭✭SJT1


    Joanneteresa wrote: »
    Hi, I have started saving €100/week with bank also, €100/week with credit union. I am getting married next August and plan on getting a loan. What are best options for me. I will be wanting to borrow 15-18k. Am I better saving all my money with  bank? Is there a guarantee or am I best saving with each bank and Credit union??
    If I was you I make an appointment with both your bank and credit union and sit down and have a discussion.  You will want to borrow 15-18k on a personal loan which is a large enough borrowing.  With the credit union if you are saving €200/month will look good but if you have never borrowed before you won't be getting a loan that size first-time( I don't know if you have taken out a loan with your CU before) but I would think you would have a better chance with them as they will use your saving as security.

    Don't know about the bank, it will depend on salary, savings, credit rating etc which is why I think a discussion with both is probably your best option now


  • #4
    sedric
    Registered Users, Registered Users 2 Posts: 49 ✭sedric


    SJT1 wrote: »
    Joanneteresa wrote: »
    Hi, I have started saving €100/week with bank also, €100/week with credit union. I am getting married next August and plan on getting a loan. What are best options for me. I will be wanting to borrow 15-18k. Am I better saving all my money with  bank? Is there a guarantee or am I best saving with each bank and Credit union??
    If I was you I make an appointment with both your bank and credit union and sit down and have a discussion.  You will want to borrow 15-18k on a personal loan which is a large enough borrowing.  With the credit union if you are saving €200/month will look good but if you have never borrowed before you won't be getting a loan that size first-time( I don't know if you have taken out a loan with your CU before) but I would think you would have a better chance with them as they will use your saving as security.

    Don't know about the bank, it will depend on salary, savings, credit rating etc which is why I think a discussion with both is probably your best option now
    Spot on advice, just talk to both and then make the decision either way.


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