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Credit union loans

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  • 04-03-2010 3:29pm
    #1
    PatrickJos
    Closed Accounts Posts: 7 ✭


    Well I have been reading about various other credit union threads on here so here is my situation.
    I have been a member of credit union since I was in nappies.Godmother started saving for me from an early age.I got my first loan €2500 about 8 years ago for a car,with about €1000 shares at the time.

    I paid back this loan in time and got another loan a few years later for a van,with shares of $2250 I got a loan of €7000 no problem.
    Again paid back the loan in good faith and on time.
    2 years ago,I then went to Aus for a year and got a loan of €4000,which I am still currently paying back,there is literally 100 yoyos left to be paid on it.I have been slightly in arrears on this but no more than 70/80 euros at a time,and have been unemployed since I came back,but have managed(more or less)to give them 50 a week since my return.

    I also when payin back all loans,including existing loan have put a few bob into my shares,not much say 5 or 10 quid each time I would make a loan repayment,I though it would look good.


    So I am currently unemployed with about €3200 in Credit Union and I am interested in starting my own business.I reckon I would be applying in about June/July by which time I hope to have at least €5000 in my shares.


    What do you think are my chances of gettin a loan for €20000?
    Anyone have similar experience?

    Any feedback would be gratefully recieved.
    It is worth mentioning that I would know some of the cashiers quite well,and this is a small rural Credit Union.


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    #2
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    Mod edit : Moved elsewhere


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    #3
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    Best bet is to ring them... I find my local credit union are great to deal with. I recently got a loan that pushed my total loan to €22000 and I'd €3000 in share's at the time. I was able to get it cause I sat down and talked to them about what I was doing with the money and how I was going to repay it... Its prob the only way you'll find out...


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    #4
    PatrickJos
    Closed Accounts Posts: 7 ✭PatrickJos


    Cheers Unlkerosco.I think I will continue to pour in the shares and go in and turn on the charm :pac:
    Anyone else try for a Business loan lately?


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    #5
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    With regards the business loans... Might be worth getting in touch with your local enterprise board. I work full time and run 3 companies with the missus. One of which I'm working to see if we're able to get some assistance from our enterprise board for funding. Just sent them off the business plan today...

    If you haven't already, have a look over here http://www.boards.ie/vbulletin/forumdisplay.php?f=106 might get more help there.

    And with regards business loans, we got approved for a loan for €40k from ulsterbank for one of our business... We didn't need to take it in the end. We've been approved for a number of smaller loans also...


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    #6
    PatrickJos
    Closed Accounts Posts: 7 ✭PatrickJos


    I can safely say I won't be goin to the banks.They would run me out the door with a broom:D


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