Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Paying off credit union loan

  • 26-04-2020 8:03pm
    #1
    Registered Users, Registered Users 2 Posts: 108 ✭✭


    I have €2000 to pay off my loan of €6000 and have €2000 in savings. My credit union doesn’t open until Thursday so cannot contact them. I’m looking to pay off loan with the savings to clear it and reapply for a new loan. Would you credit union be happy with that or can I extend the loan


Comments

  • Registered Users, Registered Users 2 Posts: 1,156 ✭✭✭Zhane


    I have €2000 to pay off my loan of €6000 and have €2000 in savings. My credit union doesn’t open until Thursday so cannot contact them. I’m looking to pay off loan with the savings to clear it and reapply for a new loan. Would you credit union be happy with that or can I extend the loan

    My credit union has accepted savings to pay off the existing debt. The loan balance was much less than the savings though. Every credit Union is different so your best bet is to check with them on Tuesday.


  • Registered Users, Registered Users 2 Posts: 1,896 ✭✭✭Irishphotodesk


    Credit union loans can often be granted on the basis of security (ie. A positive balance in your account)

    Sometimes the amount loaned is a multiple of the balance, so if you pay off your existing loan you will have nothing as collateral/security.


  • Registered Users, Registered Users 2 Posts: 12,060 ✭✭✭✭anewme


    Most credit unions now loan outside the old rules. I borrowed 40k off mine and had about 300 euro in savings.


  • Registered Users, Registered Users 2 Posts: 109 ✭✭Teena20


    Hi, going by my own experience they can top up your present loan if that's what you would prefer, especially with the amount in your shares, (without withdrawing shares) i have been able to top up an existing loan and keep payments the same but obviously for an extended period... :)


  • Registered Users, Registered Users 2 Posts: 1,195 ✭✭✭GrumpyMe


    Ability to repay is the key criteria now. If you can satisfy THEM that you have the ability to repay you will be approved. Other conditions may apply of course.


  • Advertisement
  • Closed Accounts Posts: 591 ✭✭✭Cona


    Just to echo the above as I looked into similar recently...CU wouldn’t need you to pay off your existing loan, they would most likely just top up your loan.

    So if you wanted 10k new loan, they would give you 8k and you keep the 2k you would have used to clear old loan. Makes sense really


Advertisement