Credit union loan

kjh2016

I'm gonna apply for a 1.5/2k loan for the euros off my credit union though I've only been saving 40 then 20 a week for the last 5 weeks. I'll only have 350 in the account by the time I apply but I did take a 2.5k loan 4 years ago and paid it back over 2 years.

I wonder would they give me the loan even though it'll be 4/6 times what I have in it as I paid a larger loan back before. I'm also working full time though I'm a temp worker.

Any help appreciated.

BuffyBot

Alas no one here can really tell you. Each credit union is different and lending criteria do vary.

Having a good record with your previous loan won't hurt your case. Temporary work may be a factor, but CU's do tend to be more flexible on these things than the banks. Some CU's will lend straight away, some require a little savings history.

MaudL

Each credit union has different policies so you really need to just have a chat with yours.
For comparative purposes, at mine you can get a loan after you've been a member for one month, and they will lend you up to 4 times your savings, capped at 10K.

kjh2016

I won't be telling them I'm a temp contractor if I can help it.


Cheers lads

davo2001

kjh2016 wrote: »

I won't be telling them I'm a temp contractor if I can help it.


Cheers lads

They will have to ask for proof that you can repay it. Sounds like a loan you should do without. No need to get yourself into debt for something like the euros. Silly move IMO.

Spocker

kjh2016 wrote: »

I won't be telling them I'm a temp contractor if I can help it.


Cheers lads

Part of any loan application will be proof of income, and you'll have to show 3 months payslips

kjh2016

davo2001 wrote: »

They will have to ask for proof that you can repay it. Sounds like a loan you should do without. No need to get yourself into debt for something like the euros. Silly move IMO.

I have 3 months of payslips anyway but I'd only take a loan out for the euros or a world cup. I go to the games and watching Ireland at any major football tournament is well worth it.

newacc2015

davo2001 wrote: »

They will have to ask for proof that you can repay it. Sounds like a loan you should do without. No need to get yourself into debt for something like the euros. Silly move IMO.

I agree with encouraging loans for the Euro is ridiculous. But I have seen a certain CU in a working class encouraging loans for that very purpose. IMO CU's are more aggressive at encouraging discretionary lending than banks since it is CU only main source of loan revenue. ie they are now advertising 'make your nosy neighbours jealous loans'.

mahoganygas

kjh2016 wrote: »

I won't be telling them I'm a temp contractor if I can help it.


Cheers lads

Don't do this.