credit union loan?

lolalady

Hi, I have been saving with the cu on and off for the last 3 years and have never taking out a loan.... 3 months ago I set up a standing order to save 100e a week... I now have 1100 in my savings and still saving 100e a week... was hoping to get a loan of 6000 in the next 2 weeks... would this be possible... I am willing to pay back 80 - 100 a week for the loan if necessary

Spocker

An application for a loan with your credit union will involve supplying payslips/bank statements and (usually) permission to do an ICB check. If your Debt-to-Income ratio is < 40% and you can demonstrate an ability to repay (which you have, by saving well), then you should get the loan.

However remember these two things:
- only your credit union can tell you for sure, as they all have different lending criteria - it can't hurt to go in and ask, thats why they are there
- your savings will be held as security for the loan, for the duration of the loan, so you won't be able to access whats in your account until the loan is paid, or the balance of the loan is less than the shares in your account.

HTH

JinkyJackson

lolalady wrote:

Hi, I have been saving with the cu on and off for the last 3 years and have never taking out a loan.... 3 months ago I set up a standing order to save 100e a week... I now have 1100 in my savings and still saving 100e a week... was hoping to get a loan of 6000 in the next 2 weeks... would this be possible... I am willing to pay back 80 - 100 a week for the loan if necessary

If you can get someone to go guarantor for you, you'd have no problem I'd say. You may even get it anyway.

Big Bag of Chips

I know in our Credit Union, when I took out my first loan you were only allowed borrow double what was in your savings. For the first loan. After that once you'd built up a repayment history with them you could borrow multiples then.

You're looking for a relatively small loan and you can demonstrate ability to repay. All you can do is ask, as already mentioned, each Credit Union will have their own lending terms.

beetlegrass

I just want peoples advice -

I applied for a loan in the credit union for 4,000

I have 1,500 savings with them

My guarantor is now having second thoughts and doesn't want to co-sign the loan

So when the credit union ring me to grant the loan I will have to tell them this

Will i still get the loan?? Or will they have to delay things and get back to me with a decision?

Spocker

beetlegrass wrote: »

I just want peoples advice -

I applied for a loan in the credit union for 4,000

I have 1,500 savings with them

My guarantor is now having second thoughts and doesn't want to co-sign the loan

So when the credit union ring me to grant the loan I will have to tell them this

Will i still get the loan?? Or will they have to delay things and get back to me with a decision?

You won't get the loan as it stands if your guarantor won't co-sign - you'll have to apply again, just on your own this time, or get another guarantor instead