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Credit Unions

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  • 24-03-2009 12:34am
    #1
    zedhead
    Registered Users Posts: 602 ✭✭✭


    I was just wondering, do you have to have had a credit union account open for a certain amount of time before you can apply for a loan from them? Or do you need to have a set amount in the account?

    Also are repayments a lot more flexible then banks, ie can you delay starting to repay it for longer then you can in the bank?


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    #2
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    Their is nothing set in stone, it would vary from credit union. They would definitely be more flexible than a bank but the rate would most likely be higher in most credit unions. The credit unions do have a lot of money assets, so would be willing to give loans. Some will only allow you to lend the amount that you have in your shares account but you wont know till you go to your local one.


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    #3
    Tony H
    Registered Users Posts: 1,506 ✭✭✭Tony H


    Its normally 12 weeks before you can apply for a loan at my local credit union , and you can normally borrow 3 times the ammount you have in savings to start with, you normally start repaying the week after you get the loan but you can spread it out over a few years. Even if you dont go for a loan this time its a good idea to join a credit union .


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    #4
    gar120
    Closed Accounts Posts: 163 ✭✭gar120


    how would the lending rate compare from a credit union to lets say BOI or AIB?


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    #5
    zedhead
    Registered Users Posts: 602 ✭✭✭zedhead


    Yeh i think im gonna transfer the savings i have in my bank to a credit union and continue it there. I am planning to go travelling in july and would be looking to borrow 2-3 thousand euro ( i already have 2.5 saved and will be doubling that in the next month). Just thought that this might be a better option then going to a bank


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