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Will the credit union give me a loan.

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  • 09-06-2012 11:57pm
    #1
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭


    Hi,
    I want to get a loan of about 1500 - 2000 (more than I put in) from the credit union in October/November and was wondering if someone could tell me what my chances are?

    I have never been with the credit union before, but my parents are and they get loans and are willing to guarantee it. I plan on putting at least 150 per week into it between now and then once off payments of between now 450 - 800 every few weeks on top of the credit150.

    I plan on paying for a small loan of about 300 in about six weeks. Pay back very fast. Get a slightly bigger loan say 500 or 600. Keep doing that until I need the loan.

    I planning having about 5500 by that time and wanting to get back an extra 2k so about once 7500.

    I want to get the education loan. I work and take home about 360 per week, I'm a student who lives at home so I don't have many expenses.

    I'm paid into the hand but employeer will write letter saying I'm employed .


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    #2
    CarrickMcJoe
    Registered Users Posts: 3,379 ✭✭✭CarrickMcJoe


    dont fancy your chances if you are not a regular saver in the credit union . OH applied for a small loan lately and had to wait 2 weeks for approval even though she has never missed a payment on any other loans she had and is a member for years.

    Things have changed for the worse nowadays as before you could get a small amount approved immediately.


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    #3
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    That's what I thought. Was just hoping that someone could give me some goon news :)


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    #4
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    Not sure if I made it obvious but what I want is 1500 more than I must leave in my shares.

    So if I saved 5000 and got a loan of 6500 I would leave them with my shares. All of it.

    If I had to leave 3000 to get a 4500 loan or whatever. I really just need an extra 1500.


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    #5
    gerryo777
    Closed Accounts Posts: 2,216 ✭✭✭gerryo777


    dillo2k10 wrote: »
    Not sure if I made it obvious but what I want is 1500 more than I must leave in my shares.

    So if I saved 5000 and got a loan of 6500 I would leave them with my shares. All of it.

    If I had to leave 3000 to get a 4500 loan or whatever. I really just need an extra 1500.

    Why don't you just save an extra few quid a week and by October you won't need a loan at all?


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    #6
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    gerryo777 wrote: »
    dillo2k10 wrote: »
    Not sure if I made it obvious but what I want is 1500 more than I must leave in my shares.

    So if I saved 5000 and got a loan of 6500 I would leave them with my shares. All of it.

    If I had to leave 3000 to get a 4500 loan or whatever. I really just need an extra 1500.

    Why don't you just save an extra few quid a week and by October you won't need a loan at all?

    I will need 6500 then, but all I can save is 5500 at most.


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    #7
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    dillo2k10 wrote: »
    Keep doing that until I need the loan.
    Get financial advice from someone first, as I'd wonder if having lots of small loans would look good?

    I'd say it'd look better if you started an account first, and started showing that you can put money in and not have to take it out.


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    #8
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    the_syco wrote: »
    Get financial advice from someone first, as I'd wonder if having lots of small loans would look good?

    I'd say it'd look better if you started an account first, and started showing that you can put money in and not have to take it out.

    That makes sense, never thought of it like that, but I know that the max they will give for a first loan is 500, so that's why iwas thinking of getting a small loan first.

    I suppose I could ask in the credit union what would be the best thing to do. I know my credit union gives free financial advice :)


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    #9
    Caseywhale
    Registered Users Posts: 170 ✭✭Caseywhale


    Why dont you ask the credit union.
    I'm sure they can tell you with more accuracy than some strangers on the internet.


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    #10
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    Caseywhale wrote: »
    Why dont you ask the credit union.
    I'm sure they can tell you with more accuracy than some strangers on the internet.

    That's what I'm going to do, have to wait until they open first. :)


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    #11
    dillo2k10
    Registered Users Posts: 1,397 ✭✭✭dillo2k10


    I went to the credit union and asked about it. They said they might gave me a smaller loan, but there is a chance they wouldn't give me anything at all.

    I had to go into my bank today (Ulsterbank). I just asked about getting a loan in a few months, didnt think it would be good news. They just told me that because Im a student and receiving a grant that I might get a smaller loan. But they said if I start getting my wages paid into my ulster bank account that I should get a loan no problem, was just told to apply in August because thats when most students need money for books for college. So I was pretty happy with that


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