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Credit Union

  • 08-02-2021 12:58pm
    #1
    redmgar
    Registered Users, Registered Users 2 Posts: 680 ✭✭✭


    How long do you need to be a member of the credit union to get a loan, can you borrow more than you have saved?


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    They all differ, you'll have to check with your own to see what their policies are.


  • #3
    endacl
    Registered Users, Registered Users 2 Posts: 22,412 ✭✭✭✭endacl


    Reading between the lines.....

    If you need a loan in a hurry, and open up an CU account simply to apply for one, you won’t get it.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    I dont' know how true that is :) Depending on the need and the CU there are some that will do loans very quickly, it all depends!


  • #5
    endacl
    Registered Users, Registered Users 2 Posts: 22,412 ✭✭✭✭endacl


    phormium wrote: »
    I dont' know how true that is :) Depending on the need and the CU there are some that will do loans very quickly, it all depends!

    For existing members with a history of saving.


  • #6
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    endacl wrote: »
    For existing members with a history of saving.

    Not necessarily, it depends of course on the need/reason, I have seen loans approved for accounts just opened however the reasons would need to be fairly exceptional but some people have exceptional reasons, it's nor for your average car loan!


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  • #7
    redmgar
    Registered Users, Registered Users 2 Posts: 680 ✭✭✭redmgar


    What about the civil service credit union?


  • #8
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    redmgar wrote: »
    What about the civil service credit union?

    Call them up and ask?


  • #9
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Credit Unions have plenty of money to lend so it's worth giving them a ring to see if you need to have savings. I know one that you don't so worth a phone call.


  • #10
    Frozen Veg
    Registered Users, Registered Users 2 Posts: 513 ✭✭✭Frozen Veg


    You can get a loan straight away from the majority of credit unions.


  • #11
    gerard2210
    Registered Users, Registered Users 2 Posts: 547 ✭✭✭gerard2210


    redmgar wrote: »
    How long do you need to be a member of the credit union to get a loan, can you borrow more than you have saved?

    Most credit unions will take a chance and give a small loan to new members, the amount will depend on the members ability to repay the loan.


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  • #12
    Mollydog123
    Registered Users, Registered Users 2 Posts: 48 ✭Mollydog123


    My local one told me last week that they are limiting the deposits, as the banks are charging them too much to keep the money. They aren't enough people taking out credit union loans either.


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