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Credit union loan but haven't saved with them for a while.

  • 02-11-2016 9:30am
    #1
    lausies
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi, hopefully someone will be able to shed some light on this.

    I have been a member of my credit union for 20 years. I've had 2 loans with them for college, both paid back. I haven't saved with them in about 4 years but went in yesterday and account was still active so I set up a direct debit to start savings.

    While I was there I asked about a loan. The lady there said it was based on the ability to repay the loan.

    I gave them all my details. I am working with about 1600-1800 income a month. No credit cards or other debts. I applied for 2000. Anyone have any idea if I will get it?

    Thanks in advance.


Comments

  • #2
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    All credit unions are different, and no-one here can tell you if you'll get the loan or not (because we don't have enough detail: how much is your rent/mortgage/bills/car/etc etc)

    The CU will perform an ICB credit check, and ask for your most recent payslips and bank statements. The numbers are deduced from those, your Debt-to-Income ratio will be calculated- anything over 40% is questionable


  • #3
    lausies
    Registered Users, Registered Users 2 Posts: 5 ✭lausies


    Thanks Spocker.

    I don't have any rent as myself, my partner and child are living with my parents. We're saving whatever we can before finally moving out.

    We do pay gas and electric in the house and our shopping but other than 80 a week for creche which my partner pays, we don't have any other outgoings.

    Hopefully I'll hear back from them sooner rather than later.

    Thanks again for your reply.


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