Applying for a Credit Union loan

dmullins3

I'm thinking of applying to my local Credit Union in the coming months for a car loan of €3/4000. I made a general enquiry today and I was told that I would need to prove 3 months of bank statements (I bank with BOI as well as my CU).

Does that mean that my CU funds are of no importance in getting a CU loan as the application does not mention them. I've been putting all my funds into my CU account from my BOI account over the last few months in order to bolster my CU account for a potential loan.

If my situation isn't clear please let me know and I'll try to make it more-so.

Kalimah

From my own experience and from what my own credit union told me, the banks were tired of customers prioritising credit union repayments over other loans. So the Financial Regulator decreed that anyone getting a credit union loan would have to prove they were not in mortgage arrears and were operating their accounts in a responsible manner. It seems that having the funds alone in the credit union is not enough.

sedric

Each credit union has its own rules for loans.
Generally your share amount matters.
It also matters if you have been saving regularly.

Talk directly to your credit union, they have your individual information .

I wouldn't make any assumptions about what the Central Bank is doing with your credit union, the constraints they put on vary from CU to CU.

It's also worth noting that the Central Bank is not an associate of the banks who the previous mailer says are "tired".