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CU - how long before I can borrow?

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  • 13-05-2012 6:33pm
    #1
    playmasterone
    Registered Users Posts: 21 ✭


    how long do i have to b saving in the cu b4 i can get a loan


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    #2
    Umpalumpa
    Registered Users Posts: 523 ✭✭✭Umpalumpa


    playmasterone wrote: »
    how long do i have to b saving in the cu b4 i can get a loan

    All depends on ur savings.If ur only there a couple of months they will give u a loan that doesn't exceed ur savings.


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    #3
    unfinished monkey business
    Closed Accounts Posts: 1 ✭unfinished monkey business


    Hi im just wondering if i have shares of 1500e and get a loan of 4000e,does this mean that the shares are no longer mine,or is it still possible to take the shares out as they are my savings after all..i have just heard somebody say that the shares wouldnt be yours..??


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    #4
    Umpalumpa
    Registered Users Posts: 523 ✭✭✭Umpalumpa


    unfinished monkey business wrote: »
    Hi im just wondering if i have shares of 1500e and get a loan of 4000e,does this mean that the shares are no longer mine,or is it still possible to take the shares out as they are my savings after all..i have just heard somebody say that the shares wouldnt be yours..??

    You wouldn't be allowed to take ur shares out.They would remain in ur account until ur load is paid


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    #5
    The Big Red Button
    Closed Accounts Posts: 8,390 ✭✭✭The Big Red Button


    I just joined a Credit Union recently.

    I was told that you have to be a member for three months before you can apply for a loan, and you also have to have made at least ten payments into your account.

    Also, for first time borrowers, your loan cannot exceed your savings. E.g. if you have €500 saved, you can borrow €500, but you have to leave your savings there as collateral. So you wouldn't be able to take out the €500 you had deposited.

    With subsequent loans, you'll have built up a credit rating with them, and so will be able to borrow more.

    I'm not sure if the policies are specific to each Credit Union, or if they apply across the board.


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    #6
    kingtut
    Registered Users Posts: 6,487 ✭✭✭kingtut


    chatterpillar wrote: »
    I just joined a Credit Union recently.

    I am not a member of a credit union but only a bank ... is there an advantage to being with a credit union instead of a bank or is it pretty much the same thing? :confused:


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    #7
    The Big Red Button
    Closed Accounts Posts: 8,390 ✭✭✭The Big Red Button


    kingtut wrote: »
    I am not a member of a credit union but only a bank ... is there an advantage to being with a credit union instead of a bank or is it pretty much the same thing? :confused:

    As far as I can see, there's no advantage to joining a Credit Union unless your credit rating with the bank is shot, and you need a loan in the not-so-distant future. ;)

    Otherwise, you'll get much better interest rates in a bank.


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    #8
    kingtut
    Registered Users Posts: 6,487 ✭✭✭kingtut


    chatterpillar wrote: »
    As far as I can see, there's no advantage to joining a Credit Union unless your credit rating with the bank is shot, and you need a loan in the not-so-distant future. ;)

    Otherwise, you'll get much better interest rates in a bank.

    Cheers :)

    Hoping to buy a house in the not too distant future (and I'll need a loan) so I'll stick with the bank in that case, plus I know the bank manager pretty well.


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    #9
    The Big Red Button
    Closed Accounts Posts: 8,390 ✭✭✭The Big Red Button


    kingtut wrote: »
    Cheers :)

    Hoping to buy a house in the not too distant future (and I'll need a loan) so I'll stick with the bank in that case, plus I know the bank manager pretty well.

    Well then you're sorted, right? ;)


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    #10
    kingtut
    Registered Users Posts: 6,487 ✭✭✭kingtut


    chatterpillar wrote: »
    Well then you're sorted, right? ;)

    I will be when I give him an insentive to give me a huge loan *cough* brown envelope *cough*


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    #11
    john_cappa
    Registered Users Posts: 1,371 ✭✭✭john_cappa


    kingtut wrote: »
    I will be when I give him an insentive to give me a huge loan *cough* brown envelope *cough*

    May be a waste of money given that for the most banks nowadays the manager has little say on who gets approved or not.

    Strict criteria are applied by head office from what I gather.


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    #12
    Umpalumpa
    Registered Users Posts: 523 ✭✭✭Umpalumpa


    chatterpillar wrote: »
    I just joined a Credit Union recently.

    I was told that you have to be a member for three months before you can apply for a loan, and you also have to have made at least ten payments into your account.

    Also, for first time borrowers, your loan cannot exceed your savings. E.g. if you have €500 saved, you can borrow €500, but you have to leave your savings there as collateral. So you wouldn't be able to take out the €500 you had deposited.

    With subsequent loans, you'll have built up a credit rating with them, and so will be able to borrow more.

    I'm not sure if the policies are specific to each Credit Union, or if they apply

    across the board.

    I've been a member of 3 credit unions and I've heard them all say the same things regarding 1st time borrowers and the 3 month rule.I've had savings of €1000 after 6 weeks and was given a loan of €1000.Once ur not asking for more than ur savings they will give u a loan before the 3 months


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