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General Credit Union query
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30-07-2012 11:27pm#1Not too sure if I have the right forum/thread here
I've been a member of my local credit union for about 5-6 years, but haven't really saved at all in the last 2-3 years. The account has a small amount, just enough to keep it open. I have 2000 saved in my bank but need about 3500 to go travelling. Bank won't entertain loans for travelling according to my bank manager. I've heard the general rule is that you can borrow up to 3 times your savings in the credit union, I have had a loan for a similar amount before and paid back in full. If I was lodge the 2000 in the credit union, is it likely I'd be able to get a loan for 3500 despite the fact I'm not a regular saver? Parents would be regular savers, probably wouldn't mind going guarantor if absolutely necessary, but I'd rather avoid that. Is it likely I'd have the loan app accepted?
Also, can you set up a standing order from your bank to the credit union? I know some credit unions have an account number and sort code, is this the same across the board? Thanks in advance.0
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