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is it possible to open a credit union savings account and get a loan striaghtaway

Vampireskiss · 2009-12-18 00:33:56

If i opened up a credit union account tomorrow with 500 euro could I get a 1500 euro loan immediately?

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18-12-2009 1:33am

#1

Vampireskiss

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If i opened up a credit union account tomorrow with 500 euro could I get a 1500 euro loan immediately?

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#2 18-12-2009 1:51am
Toots

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I would say it's unlikely. They'll proably want you to have a history of saving with them for a while (probably a few months) before they give you a loan. They may agree to lend if you get someone to be a guarantor on it though.

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#3 18-12-2009 1:57am
copacetic

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credit unions can give loans based on your ability to repay, just like banks. It does depend on the credit union though. You don't need a long history, or any real savings, but expecting to join and walk out with the money is asking a bit much.

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#4 29-12-2009 2:22pm
matt70iu

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I'm afraid not vampirekiss, my brother tried that one and they didn't say no directly, rather, they "advised" him to save a few bob first. Good principal, if you cannot afford to save, then you cannot afford a loan!

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