Credit Union Loan for unemployed

killanena

Hey,
Basically Im on job seekers, I only get 100 euro a week sense Im only 19. Im leaving at home with both my parents and I don't pay rent.
I don't currently have a credit union account but I am going in to make one this week.

I was just wondering how much savings would I need if I wanted to apply for a personal loan of 900 euro.
I used the calculator on the website of my local branch and it says that Id be paying back 20 euro weekly for 48 weeks with 42.10 euro interest which is do-able for me.

I was also wondering what kind of questions they ask you when you apply for the loan.

Edit:
Im also wondering if anyone has every gotten a loan from the St Francis Credit Union in Ennis Co. Clare, and if you could tell me a little about your experience.

mollybelle

Hi,

My niece was in a similar situation to you and wanted to get a loan in the Credit Union, as they did not think she would be able to make the repayments they did not give her the loan. But, they told her to make a regular payment of the amount she would have to pay back weekly for 3 months and they would then review the application again. She did this and was able to keep it up for the agreed time so they then gave her the loan. As Credit Unions may have different rules this may not apply in your local CU. If they do not agree to give you the loan you could ask if you could prove your ability to pay this way.
Hope this is of some help to you.

theidiots

depends on the credit union really, you will need around 25% of the loan saved. I got 2k when i was on 144 on the dole but was a regular saver.