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How are Credit Union loan applications decided?

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  • 02-03-2009 6:37pm
    #1
    bridget84
    Registered Users Posts: 70 ✭✭


    I applied for a loan with the CU on Friday. I gave them all the required documentation and told me that they'd have a decision for me today. Then they called and told me that a decision had not been made yet and I'd have to wait till tomorrow. It's kind of annoying. Why is it taking them time? It was a small personal loan.


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    #2
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    I can only speak for how my CU works but I would imagine they're similiar.

    Smaller loans need to be approved by the Manager or the Assistant Manager. Larger loans or risky loans need to go to the loan committee (or whatever they're called) who meet once a week to approve / decline applications.

    I was told this from the horse's mouth.


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    #3
    s_carnage
    Registered Users Posts: 2,672 ✭✭✭s_carnage


    Do you still need to have a percentage of what your borrowing in the credit union?


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    #4
    Tyrant^
    Registered Users Posts: 580 ✭✭✭Tyrant^


    s_carnage wrote: »
    Do you still need to have a percentage of what your borrowing in the credit union?

    I had roughly 1k in savings at one stage and got a loan of 22k.


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