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Credit Union Loan

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  • 31-05-2013 6:12pm
    #1
    space24
    Registered Users Posts: 1 ✭


    I've just got a loan from the credit union. Is it possible for me to take out any money from my account now that i've gotten the loan ?


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    #2
    padma
    Closed Accounts Posts: 1,874 ✭✭✭padma


    no.


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    #3
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    padma wrote: »
    no.

    Does it not depend on the ratio between the loan and shares held?
    For example if the cu gave him 2k and he had 1200 in savings with 1k held against the loan as secure isn't he able to take out the 200?


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    #4
    padma
    Closed Accounts Posts: 1,874 ✭✭✭padma


    not in my CU he wouldnt, mine work out as, the shares is the security on the loan.


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    #5
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    padma wrote: »
    not in my CU he wouldnt, mine work out as, the shares is the security on the loan.


    Think it varies from CU to CU, but mine are the same as the above (can't touch your savings while you have a loan).

    They do have a thing called a 'CU Cash Account' which is essentially an additional savings accounts, though, that you can dip into whenever you like. Not sure what the purpose of it is though, in reality.


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    #6
    jd83
    Registered Users Posts: 1,445 ✭✭✭jd83


    It depends from c.u to c.u if its your first loan with them or you have any sort of a bad credit history you will be told no.


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    #7
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    padma wrote: »
    not in my CU he wouldnt, mine work out as, the shares is the security on the loan.

    mine is 3:1.
    So if i have a 3 k loan i Have to have 1 k shares as security.
    anything above that I can withdraw.
    That said if I had 1500, Id be only borrowing 2.5k and topping up to 3k with the other 500


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    #8
    MarkyMark22
    Registered Users Posts: 554 ✭✭✭MarkyMark22


    Hey guys, say if I've paid of my loan to the point that my shares are now a greater amount than amount owed. Am I allowed touch the surplus.

    For example;

    Shares are 1600
    Loan balance is 1200.

    Can I touch the 400 difference?


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    #9
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    MarkyMark22 wrote: »
    Hey guys, say if I've paid of my loan to the point that my shares are now a greater amount than amount owed. Am I allowed touch the surplus.

    For example;

    Shares are 1600
    Loan balance is 1200.

    Can I touch the 400 difference?

    I'm allowed in my credit union. I can't see any reason why not. I know I'm also able to offset my shares against the loan, once I clear the loan in full.
    Ask them though as policies differ between each.


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    #10
    MarkyMark22
    Registered Users Posts: 554 ✭✭✭MarkyMark22


    Scortho wrote: »
    I'm allowed in my credit union. I can't see any reason why not. I know I'm also able to offset my shares against the loan, once I clear the loan in full.
    Ask them though as policies differ between each.

    Yeah I plan to pop in tomorrow. This is my first loan, so I don't want to pay off the loan with my shares as I think I've seen a couple of people on here claim that it's considered a bad thing.


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    #11
    Gael23
    Registered Users Posts: 12,112 ✭✭✭✭Gael23


    No. The shares are held as collateral against the loan. But as far as I know if your savings are greater than the loan you can take money out in that case


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