Credit Union Loan

YenomMcYen

Quick question - My local credit union which i'm not a member of yet is advertising new members may apply for loans immediately.

Has anyone any experience as to the criteria on these? Surely I would need to have a record of saving which I obviously don't have if the account is just set up.

The reason I ask is that I am looking to take a car loan soon and these seem to indicate I can stroll in set up an account and apply for a loan.

phormium

Credit Unions differ in their requirements, now that they can access the credit bureau they are not totally dependent on a customers record of saving with them, they can see any previous loans and how they were paid back. If they say they are accepting loan applications from new member then they probably are, they will more than likely look for your bank statements etc plus other income stuff to make their decision together with creit report.

YenomMcYen

Thanks for that.

For loans under 2k all they require is one previous payslip in the past 4 weeks.

2K+ they are looking for bank statements etc