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credit union loan criteria

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  • 21-10-2009 10:00am
    #1
    abbey2000
    Registered Users Posts: 138 ✭✭


    hi there, just wondering peoples thoughts on this. I am thinking of changing my car and will need to borrow some dolla to do this. i was in my credit union yesterday and asked the girl at the desk how this worked, what did i need to do to make an application.

    She told me that I would need:

    3 recent payslips - no problem with that
    3 months bank statements - no problem with that
    Mortgage account statement showing the balance that I have left to
    pay on my mortgage - now this i find a bit strange?

    I realise that financial institutions are following stricter guidelines with regards to lending after all that has happened, but why do i need to provide a mortgage statement? fair enough to ask about other loans, i would declare my mortgage amount and the corresponding direct debit amount would be there for all to see on my bank statement. I think I just find the mortgage account statement request a bit much?

    She said they would not even consider the application without all of this documentation. Do other credit unions and financial institutions request this to? And does anyone know what is the reason for the mortgage account statement request?

    If I have to provide it I will, I guess I would just like to know why its asked for. Thanks.


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