RE: Credit Unions

discosue

Hi,

I just have one or two questions re credit unions.

I set up an account bout 11wks ago and have been putting in €100 every week, it's my 1st time with a credit union, I'm hoping to keep up the €100 a week till I get to €3,000, I'd then like to get a loan of €6,000 or so and go travelling. Should I tell them that I'm going travelling, because then they may question my ability to repay?

I was thinking I will take out enough to cover the 1st years repayments and have it paid while I'm away as I'm not sure if you can freeze or put off starting your repayments for a fixed time, has anyone been able to freeze it with their credit union I'd like to know?

Also any idea how long it takes for the application to go through, does it ordinarily take a few weeks or just a week or so?

Thanks in advance

Sue

ircoha

Sue, Lots of views but no takers so lets see how we can help.

You will need 12k as i want to come too:)

Hi,

I just have one or two questions re credit unions.

I set up an account bout 11wks ago and have been putting in €100 every week, it's my 1st time with a credit union, I'm hoping to keep up the €100 a week till I get to €3,000, I'd then like to get a loan of €6,000 or so and go travelling. Should I tell them that I'm going travelling, because then they may question my ability to repay? < I would say no need.>

I was thinking I will take out enough to cover the 1st years repayments and have it paid while I'm away <good plan, assuming u leave most of the 3, also depends on the term of the loan: 5 years maybe>as I'm not sure if you can freeze or put off starting your repayments for a fixed time, has anyone been able to freeze it with their credit union I'd like to know?<dont know, but I suspect u would need a good reason >

Also any idea how long it takes for the application to go through, does it ordinarily take a few weeks or just a week or so? ?<dont know, why dont u just ask?>

Thanks in advance

Sue

discosue

Cheers thanks for answering, I'll let ya know whether I get the 6 or 12K

darragh o meara

Well in my credit union it takes only a few days for an application to go through. A tip though if you have a standing order from your bank setup it will make your application for a loan a bit better looking, This was said to me by a friend of mine who works for a credit union.

As far as telling them what its for I might give them some other reason, If they think your going away for a year and there might be a chance you may not pay them they might be that bit more wary.

Good luck with your loan application, I always deal with the credit union and would never deal with any of the banks cause they just dont offer the same level of service in my eyes.

discosue

Thanks for that reply as well, I've been putting in the €100 every wk but I'll set up a standing order for it till November now, can do it online now with aib, think I'll give them another reason other than travelling for the loan too, cheers