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Credit Union loans and shares?

  • 09-05-2019 3:14pm
    #1
    Danye
    Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭


    Hi all, looking for some advice please.

    I have a loan with my credit union and I also have shares.

    My shares are now greater than what I owe on the loan. I’m now looking for another small loan. Would it be best to pay off my current outstanding loan with my current shares and then apply for the new loan?

    Or would it be best to keep the shares and the current loan as is and apply for a top up on the existing loan? Bearing in mind this would be the second top up on the current loan.

    Any advice appreciated.


Comments

  • #2
    notharrypotter
    Closed Accounts Posts: 1,112 ✭✭✭notharrypotter


    Your shares are greater than the loan so it's possible to assign them against the loan and clear it.
    However the next question is how much will be left in the share account?
    Then how much of a loan is now required?

    All Credit Unions will look at your ability to repay in conjunction with your share balance.

    It is possible to keep topping up a "current" loan.

    Call in and discuss your options.

    At the end of the day the credit union is looking to lend bearing in mind your ability to repay.


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