Credit union- quick Q

missmatty

Hope someone can clear this up for me.

When you take a loan out with the credit union, is the max amount 3 times the amount you have saved with them? Or does it vary from branch to branch?

I'm hoping to get a car loan soon and i've been putting money in online so i haven't actually been into the credit union since i joined. I have the application form for a loan, now i just need to know how much I have to have in my account to get the loan. Currently have saved 1200, want to borrow 4000. Thanks for helping!x

Chunkychops

To answer your question- it depends on the credit union; they are all different.
If u have been saving regularly they should give u the loan no problem. Most credit unions are very easy to borrow from but they are strict about the first loan u take out - hence these silly rules about 3 times your savings etc. The more modern ones will not require the savings at all. If u tell me the name of your credit union I should be able to tell u their policy (I'm an insider in credit union land!)

missmatty

Thanks Chunkychops!
I'm with Harold's Cross. Actually my mother opened another account for me without me knowing, down the country at home. Would I be better merging the two or leave them as they are (since you know about credit unions)?

Chunkychops

it depands on where home is .... I think that credit unions in Dublin are not as good as country ones .. so if u tell me where home is I can advise

missmatty

Well i will be taking the loan out with Harold's Cross, do you know how they calculate their loans?

RainyDay

missmatty wrote:

I'm with Harold's Cross. Actually my mother opened another account for me without me knowing, down the country at home. Would I be better merging the two or leave them as they are (since you know about credit unions)?

You can't 'merge the two', just like you can't merge an AIB account with a BOI account. Harolds Cross CU and your country CU are entirely different and independent organisations, each with their own boards and rules.

Give the current money laundering regulations, I'm wondering how your mother managed to open an account in your name with you being present? She and the CU staff almost certainly broke the law.

Chunkychops

Thanks for providing information that was completely off point Rainy Day.
Why do so many people reply to threads merely to point out some perceived breach of rules or laws??? Get a life!
Did you consider any way in which the account could have been set up legally? No, because you would prefer to pontificate. Her mother could have set up the account years ago. Prior to 1994 the unnamed law that you are referring to did not exist. It is not against the law for me to operate the credit union account that my mother opened for me when I was 10 or the post office account from when I was 7.

Rainy Day - why don't you go to Shannon and protest against the American stop over flights - tell them that the war in Iraq is against the law.
Then, when you are finished down there, head for the Stillorgan Dual carraigeway when a speed gun - when the cars stop at the lights, tell all speeding cars what they were doing wrong. Then go home to bed with your teddy bear and read the Wizard of Oz

missmatty

Fyi, I wasn't aware at the time that she had opened it and I was not present. It was a nice idea of hers to put some money away for me for a rainy day. Also my mother is very law-abiding and if she had any idea it was 'illegal' she wouldn't have done it. The question remains why the staff would have done it? I don't believe it was wrong at the time although i don't know exactly when she opened it.

Also Rainy Day there's no need to be so condescending. When i said merge the two, i meant close one and transfer money to the other as I wasn't sure of the implications of having two credit union accounts.

RainyDay

Chunkychops wrote:

Thanks for providing information that was completely off point Rainy Day.
Why do so many people reply to threads merely to point out some perceived breach of rules or laws??? Get a life!
Did you consider any way in which the account could have been set up legally? No, because you would prefer to pontificate. Her mother could have set up the account years ago. Prior to 1994 the unnamed law that you are referring to did not exist. It is not against the law for me to operate the credit union account that my mother opened for me when I was 10 or the post office account from when I was 7.

Rainy Day - why don't you go to Shannon and protest against the American stop over flights - tell them that the war in Iraq is against the law.
Then, when you are finished down there, head for the Stillorgan Dual carraigeway when a speed gun - when the cars stop at the lights, tell all speeding cars what they were doing wrong. Then go home to bed with your teddy bear and read the Wizard of Oz

Wow - who got out of the wrong side of bed this morning? Go back and check out the 'almost certainly' reference in my post.

missmatty wrote:

When i said merge the two, i meant close one and transfer money to the other as I wasn't sure of the implications of having two credit union accounts.

I apologise for my poor telepathic skills which prevented me from picking up what you really meant, as opposed to what you posted.

missmatty

Hmm....8 posts on and I still haven't received an answer to my original question. Can people please keep on topic?
If it's a case that every single Credit Union's savings requirements for a loan are indeed different, i'll just go and check myself with Harold's Cross.

Chunkychops

Sorry Missmatty - I got distracted with that other guy's unhelpful "told ya so" post
Harold's Cross require evidence of your ability to repay the loan you require. You will need to fill in a loan application and show proof of your income in order to qualify for the loan - similar to a bank. I think that because u have been saving with them already it should stand to u. You should just go down there and apply today if possible.

RainyDay

missmatty wrote:

Hmm....8 posts on and I still haven't received an answer to my original question.

Which part of Chunkychop's helpful response in the 2nd post ("To answer your question- it depends on the credit union; they are all different") do you not understand?

missmatty

Thanks very much Chunkychops, i'll do that.

RainyDay, I can't believe you have nothing better to do than heckle people in a Banking forum, i mean for God's sake. Take yourself off and attempt to get a life.