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Credit Unions - Where do I join?

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  • 13-02-2009 12:00pm
    #1
    A_SN
    Closed Accounts Posts: 515 ✭✭✭


    I went yesterday at my bank for a personal loan, cause I'm broke (but expecting more and more money to come in the future months) and the banker refused for the legitimate reason that I earned too little money over a too short course of time, and told me to come back when in a couple of months.

    I asked the banker where I should go for a personal loan in the meantime and he told me my best luck was with credit union. Just one thing though, I have no idea what that is, and I went to a website that lists credit unions in Ireland but all I seem to see is credit unions specific to one company's employees.

    I'm a self employed software programmer, I make computer programs from home and sell them on the Internet, and I need a loan, so which credit union can I join for that?


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    #2
    redfacedbear
    Registered Users Posts: 891 ✭✭✭redfacedbear


    Not all CUs are employment related. Assuming your location is up-to-date the nearest one is:

    Phibsboro & District Credit Union Ltd
    392 North Circular Road
    Phibsboro
    Dublin 7
    Telephone: 01 830 5177
    Fax: 01 830 7355
    Email: phibcu@oceanfree.net

    Most CUs would require you to build up a level of Shares before they lend to you so I'm not sure if this would be a good solution in the short term for your problem but they are an excellent facility to join.


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    #3
    A_SN
    Closed Accounts Posts: 515 ✭✭✭A_SN


    Ah thanks for the info. That would be quite inconvenient if they couldn't help me in the short term... What other solution would I then have for a quick solution, considered a bank won't lend to me?


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    #4
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    A_SN wrote: »
    Ah thanks for the info. That would be quite inconvenient if they couldn't help me in the short term... What other solution would I then have for a quick solution, considered a bank won't lend to me?
    You'd about a year too late to be picking up sup-prime finance.:pac:

    I believe credit unions will lend you to the value of about 1.5 times your share initially and this will increase if you build up a credit rating with them.

    /edit: Have you any assets which could act as collateral?


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    #5
    JJ
    Registered Users Posts: 2,055 ✭✭✭JJ


    It would be a good idea for you to set up an account with a credit union anyway. They are probably the safest financial institutions around. I know you don't have much dinero at the moment but you could set up a standing order to put a small amount of money every week. It all adds up after a while.


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    #6
    A_SN
    Closed Accounts Posts: 515 ✭✭✭A_SN


    redfacedbear : I went and asked them and said I needed to be a member for 12 weeks before I could ask for a loan. I should join them anyways, if everyone else in this country is in one CU there must be a good reason hehe, but that doesn't solve my problem, i.e. I'm already late on my rent :(

    Sean_K : Yeah, I'm in a ****ed up situation in most ****ed up times...

    Assets... mmh... I have a cell phone... and a computer... lol I really don't have much, much less anything of value...

    JJ : I don't even have that kind of money lol, I don't have a dime to save aside, I need it all to buy stuff I can't afford like food or a place to live lol.

    Do I have any other solutions, like, in the really short term? I remember in France there was that thing that was like "hey just call us and we'll lend you 5,000 euros no questions asked!". Is there any such thing for people in bad situations like me? I mean, besides loan sharks and stuff like that.. lol


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    #7
    A_SN
    Closed Accounts Posts: 515 ✭✭✭A_SN


    Bump.

    Sorry but I need answers for this. I need to borrow money from somewhere, but where damnit?


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    #8
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    Frankly, beyond family, friends and fools, I don't think you have a chance. You're going to have to get some capital underneath you before any lender is going to look at you.


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    #9
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    Sean_K wrote: »
    Frankly, beyond family, friends and fools, I don't think you have a chance. You're going to have to get some capital underneath you before any lender is going to look at you.

    +1
    Nobody that does not know you is gona just fork out a loan on the basis you say you will be able to pay them back. Lending terms are becoming stricter and stricter by the day. Unless a close family member can help you out you may have to wait the twelve weeks with your local credit union. The only other person I could see lending would be a loan shark but I would not go their, I've heard of their crippling interest rates and ways of dealing with people.


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