Lapsed Credit Union member - rock up and get a loan?

MrCostington

I've not darkened the door of my local Credit Union in about 10 years and have about 50 quid in it right now.

If I wanted a small loan (2/3k) what do you think the min I'd need in it and min amount of time I've been putting in on a regular basis? Is the old rule of lending 3x your savings still true?

AndrewJRenko

THey've been advertising for exactly this scenario, so they really do want you back. CUs generally have loads of money to lend out, and not enough people borrowing, so they want more borrowers.

https://www.creditunion.ie/communications/media/tvadvertisements/

The 3x savings rule is a bit of a myth these days, but each CU has their own rules and policies, so you'll need to check with your own one. If you have the repayment capacity, then you'll probably get the loan.

The CU probably isn't your only option either. I'm a big fan of the CU model, but they're not always the most competitive. So explore other options too.

MrCostington

Thanks Andrew,

I didn’t see those ads. I went in on Friday to lodge a tenner to get started but I have to come back with a utility bill, I'll drop in again this Friday. I see they now take direct debits so am keen to start saving again, it was the hassle of having to go there in person that put me off before.