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Credit Union Loan

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  • 27-06-2011 6:08pm
    #1
    Irishstabber
    Registered Users Posts: 549 ✭✭✭


    Hi guys,

    I'm prob asking this more for my peace of mind rather than new information. I know the credit unions will loan an established member upwards of 3x their shares etc but I have to ask anyway.

    I'm on about my 5th loan or top up from the credit union at this stage and am hoping to get a 6th in about 2-3 weeks.
    Now I still owed 1400 on a 2000 loan from April and had 900 shares.

    Recently I added 500 to my savings and took another 400 off the loan.
    Over the next 2-3 weeks I will be bringing my savings up to 2000 and paying off the previous loan in full.

    I will be looking to take 6-7000 in my next loan for various things.
    I am an established member over 4 years with a great history of paying back loans and very rarely in arrears, except for a brief stint in 09.
    Currently I'm 700 in advance.
    Do you think the credit union will give me the 7000 with my history even though I doubled my shares and practically paid off most of the previous loan in a 4 week period?

    Any input appreciated. Thanks


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    I'd say they should be asking questions as to why you take out so many loans?

    Do you know what their criteria was last time around?


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    #3
    Irishstabber
    Registered Users Posts: 549 ✭✭✭Irishstabber


    It would be the same reason anyone else would, holidays, birthdays whatever reason. A large proportion of the Irish populace don't have a disposable income anymore. Unfortunately I would count myself as one of those.

    Criteria as in what?
    The only criteria I can recall from last time would be that I require a job and need to dispose my rent expenditure to them. That's all I've ever been asked. Both were and will be provided to the loan officer.


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Did they have a set ratio of shares need to loan amount?

    As in you can borrow 3 times your shares etc?

    If you borrow regualary and re pay in advance then they need to question the need of the borrowing on a frequent basis. That may be a question they'd ask.


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    #5
    romah
    Closed Accounts Posts: 150 ✭✭romah


    When you are borrowing any amount of money these days the credit unions or banks will more often than not look at your ability to payback the loan over the agreed period of time.

    I actually dont see your rationale for paying off your current loan in full shortly.

    Credit Unions will allow you to add a new loan onto your outstanding balance. Keep what you intended to repay "in your pocket" and borrow that bit less..as long as you can afford the repayments.


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