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Credit Union loans - how difficult is it to get one?

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  • 18-06-2009 9:58am
    #1
    EG77
    Closed Accounts Posts: 14 ✭


    planning on opening a credit union account and applying for a loan of approx 12k in the next few months.

    how long would i have to be saving with them and how much savings would i need to get a 12k loan?

    how difficult is it to get a loan off them?

    thanks


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    #2
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    each situation is based on it's own merits

    they usually give you multiple's of what you have saved

    so if you save 2k over 6 months the first loan is usually double that so 4k

    the longer you save the more loans you get generally the more money they give.


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    #3
    EG77
    Closed Accounts Posts: 14 ✭EG77


    thanks - so how long do you think in your exp i would have to be saving to get a loan of 12k?


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    #4
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    EG77 wrote: »
    thanks - so how long do you think in your exp i would have to be saving to get a loan of 12k?

    that depends how quick and how much you're saving?

    there used to be a huge difference in interest rates in cu's compared to banks but not so much anymore

    you might be better off looking at a bank loan if you're in a hurry.


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    #5
    madmik
    Closed Accounts Posts: 423 ✭✭madmik


    12K should be easy enough to get a loan off
    shop around for the best rate regardless of whether its a c/union or bank


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    #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Repayment capacity, repayment capacity, repayment capacity. It's as simple as that. If you don't have same you won't be getting the loan. Unfortunatly the systems in the Credit Union are not as developed as the mainstream banks and as such you might find it easier to get the loan you require.


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    #7
    WindmillWarrior
    Registered Users Posts: 684 ✭✭✭WindmillWarrior


    What about getting a loan if you have a big dirty mortgage?!! I'm lookin to get a loan of €5,000. I assume the mortgage will not be looked upon favourably?


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    #8
    bobbysands81
    Registered Users Posts: 7,208 ✭✭✭bobbysands81


    EG77 wrote: »
    planning on opening a credit union account and applying for a loan of approx 12k in the next few months.

    how long would i have to be saving with them and how much savings would i need to get a 12k loan?

    how difficult is it to get a loan off them?

    thanks

    My first loan in the credit union about 4 years back was 38k, I had about 9k of shares in the credit union. The Credit Union is connected to my job though so my first loan was allowed to be x5 my shares. I had been saving with them only a few months at the time.

    WindmillWarrior wrote: »
    What about getting a loan if you have a big dirty mortgage?!! I'm lookin to get a loan of €5,000. I assume the mortgage will not be looked upon favourably?

    <SNIP>


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    #9
    bobbysands81
    Registered Users Posts: 7,208 ✭✭✭bobbysands81


    stepbar wrote: »
    Repayment capacity, repayment capacity, repayment capacity. It's as simple as that. If you don't have same you won't be getting the loan. Unfortunatly the systems in the Credit Union are not as developed as the mainstream banks and as such you might find it easier to get the loan you require.

    I would say fortunately... not unfortunately.


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    #10
    WindmillWarrior
    Registered Users Posts: 684 ✭✭✭WindmillWarrior


    bobbysands81 wrote: »
    <SNIP>

    Thats brilliant mate, thanks very much for that


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    #11
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Folks, asking for/giving advice on making false declarations on loan applications is not allowed in this forum. Please familiarise yourself with the Charter before posting.


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    #12
    rugbyman
    Registered Users Posts: 1,783 ✭✭✭rugbyman


    until a year or so ago Credit Unions went on one thing only, your savings record and regularity of same.

    now its completley changed and its ,as stepbar says, repayment capacity!
    Until recently many C.U. s did not have info sharing on the credit bureau.
    Go and ask your local C.U now and see the loans officer.

    the big thing ,and best thing, about the C.U. is that they prob know you.

    regards, Rugbyman


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