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Credit Union

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  • 22-06-2012 2:38pm
    #1
    Dee_1982
    Registered Users Posts: 16 ✭


    I was just wondering how long you have to be with the credit union to get a small loan approx 2k.
    Is it the same process as applying for a bank load or easier?
    Any info would be great, thanks.


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    #2
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    once they see you saving regularly with them they will loan you out multiples of what you've saved (up to a limit based on guidelines and your particular circumstances). Call them up and ask.


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    #3
    Dee_1982
    Registered Users Posts: 16 ✭Dee_1982


    Do they usually need to same criteria as the bank dose for a personal loan ie. pay slips, statements??


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    #4
    ghogie91
    Registered Users Posts: 1,121 ✭✭✭ghogie91


    I saved like 1600 euro with the credit union from the first opening day of 2012 until the first of march, with the intention of a small loan like yourself. I called to apply and to say the proof is there i have a steady cash flow as I had just become a member and started saving straight away.

    I was told by the woman that it be another 8 weeks,from the first week in march, of saving before I could be considered eligible for a loan.

    Pee'd me off but I understood at the same time :cool:


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    #5
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    OP, every credit union is different. There's no point in asking questions like that unless you name the CU which probably isn't a good idea so your best bet would be to ask someone who is a member of your local CU and who has experience of getting a loan from them.

    Generic replies about unidentified CUs on this forum are of no value to you at all.


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