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credit union loan for unemployed

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  • 31-03-2010 12:02am
    #1
    marko91
    Closed Accounts Posts: 1,030 ✭✭✭


    so im planning on opening a credit union tomorrow and put money in it each week...i am unemployed and on the job seekers allowence, im 19 years old...will not having a job affect wether they let me get a loan or not?i can easily save x ammount each week in the credit union and could pay back x ammount aswell no bother...the loan would be 500 maximum

    if they do let me have the loan...how long saving would i need to do before they let me?...i wouldnt need the loan until the start of july so i can do alot of saving to prove im reliable etc


    any help would be great as i dont want to be going through the hastle of opening an account and savign every week just to get a big fat NO in the end:(


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    #2
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    That's 3 months away, if you're looking for 500 max then why not just save it?


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    #3
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭Joey the lips


    my memory of the credit union first loan is it cannot exceed your savings by 1.5 so for 600 you will need 400 saved and there is a min of 6 months saving required.

    Your first loan may also need a guarantor.... Usually another member.

    Your local will give you all the rules.

    However... If you die while paying back the loan your death dies and your savings double.


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    #4
    marko91
    Closed Accounts Posts: 1,030 ✭✭✭marko91


    MagicMarker wrote: »
    That's 3 months away, if you're looking for 500 max then why not just save it?


    cos im saving for a holiday plus trying to pay my friend back for paying for 2 holidays...i could go without the loan but that would mean caving like 100 euro a week witch is really hard:eek:so this loan would take alot off my shoulders like


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    #5
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    marko91 wrote: »
    cos im saving for a holiday plus trying to pay my friend back for paying for 2 holidays...i could go without the loan but that would mean caving like 100 euro a week witch is really hard:eek:so this loan would take alot off my shoulders like
    You're 19, taking out loans to cover loans will only lead to bad things. If you can't afford a holiday, then don't go on holiday. If you can save without getting a loan, even if it is really hard, then you should do that.


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    #6
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭Joey the lips


    MagicMarker wrote: »
    You're 19, taking out loans to cover loans will only lead to bad things. If you can't afford a holiday, then don't go on holiday. If you can save without getting a loan, even if it is really hard, then you should do that.

    To true.. But if your ever thinking of a loan there is no better place to start than the credit union. My first loan and my last loan came from them. All the right reasons point towards them


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