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Credit union loan

  • 16-10-2018 8:55pm
    #1
    Lisaleo30
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi.
    I am looking for some advice. I opened up a credit union account a couple of months ago. I saved €300 and then got a loan of €300 to build up a good credit history. I paid of the loan while saving and then got another loan of €300. At the moment I have €700 saved and owe €200 I have been saving every week and have not missed a payment. My question is would it be possible to get a loan of €7000 I know it’s very unlikely but any advice would be appreciated. I would not be looking for the loan until my current loan was clear and I had about €1000 in my savings. Keep in mind I am unemployed and a loan parent to 2 little boys. Thank you


Comments

  • #2
    PaddyWilliams
    Registered Users, Registered Users 2 Posts: 1,121 ✭✭✭PaddyWilliams


    I can't say with certainty whether you will or not, but they will look first and foremost at your earnings. As you have none, it would be hard to see them advancing a loan.


  • #3
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    Its normally a multiple of your savings.

    Ie. 300 savings. 1200 loan. (Savings X3)
    It varies from cu to cu.


  • #4
    huggy15
    Registered Users, Registered Users 2 Posts: 233 ✭✭huggy15


    Paris Shaggy Telepathy wrote:
    Its normally a multiple of your savings.


    Not with my local c.u they look at your ability to repay more than savings.


  • #5
    wench
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭wench


    The loans you've had so far are what they term "within savings", ie they are fully covered by the money you have on deposit.
    There is a lower threshold of scrutiny to get such a loan, in terms of ability to repay.

    Once you want them to lend you their money instead of your own, the requirements become much more stringent.


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