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Credit Union Loan?

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  • 18-10-2012 9:50am
    #1
    finto
    Registered Users Posts: 60 ✭✭


    Hey Folks,

    I got a loan from the CU a few weeks back, but didnt really understand what happens my savings at the time. So lets say I had 350 savings, and got a loan for 500. Are my saving now locked in until this 500 is paid back? Or is the the 350 accessible to me to take out etc..?

    Thanks


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    #2
    newbie2
    Registered Users Posts: 2,477 ✭✭✭newbie2


    Yeah, your €350 is locked until the €500 is paid back. AFAIK


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    #3
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    newbie2 wrote: »
    Yeah, your €350 is locked until the €500 is paid back. AFAIK
    Not always. Credit Unions operate independently of one another, but in broadly similar ways. If you need access to some of your savings, just ask: they might say yes.

    Many credit unions have a 3:1 guideline on ratio of loans to savings, so if you borrow €3000, you must hold savings of €1000 against your loan. Savings in excess of the €1000 might be available to you.


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    #4
    finto
    Registered Users Posts: 60 ✭✭finto


    Thanks Folks.

    Ill give them a shout and try clear it up.

    Will let you know


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