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Credit Union Loans

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  • 23-03-2011 6:46pm
    #1
    faw1tytowers
    Closed Accounts Posts: 486 ✭✭


    So I started saving a few bob the past couple of months

    1. I need a car as my old one died
    2. I booked my family our first holiday

    So the credit union told me they give out X4 the amount you have saved. This is if you have a regular saving pattern or are a long standing member.

    I am a member for years but only ever save when I need it for something particular. Generally I don't even have spare money to save. However this year due to an extra job I took on I had some.

    So for the past few months I have put a bit aside. I am really banking on the loan. They will be looking for bank statements. My bills generally get paid, there may be the odd late one and I have a small Overdraft facility and to be honest I am usually in OD. I did ask them would this reflect badly on me at the time I inquired and they said if I had missed payments/unpaid then that would go against me but other than that they are quiet forgiving.

    I am now worrying. I had to take some time off the project/job I was doing due to illness and have no differed it until I get surgery this summer. So my funds are down again and I will no longer be able to save. So the balance is about 800 short of what I wanted. 800x4 3200= :( Anyhow it just means I will have to budget better. Probably better for me in the long run to have the smaller loan.

    At the mo they offer car loans of 10,000 for 45 a month
    My hopeful Loan wont be that much so I am thinking I can also cut the repayments too. But I am still worried if they say no, then I will have to go without the car another few months.

    Do you know of any reasons why or how many loans get turned down?


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