Student loan from credit union

shnoo_shnoo

Anybody with any experience getting a student loan from the credit union? If anyone has would appreciate some info such as

How much you can get,
How long does it take to go through
payback rates etc

Please help

callaway92

The BANKING forum would be a better place to ask.

I've never requested one but as far as I know it's pretty much immediate i.e 24-48 working hours to go through.

nobodyknows

I gotten two student loans from the credit union,
A loan officer took details and it then goes to a committee who decide whether you get the loan or not, they usually meet at least once a week.
I was told at the time that for student loans they usually will give you up to 4 times the amount you have in your saving but I've exceeded that so I think its more a guideline.

Media999

First loan i think is 4 times but after that its a decision by the men upstairs.

Just dont give the impression you fancy emigrating.

shnoo_shnoo

Ok thank's guys that's a big help

Media999

You should let us know what they say as a few will be in the same situation looking for loans.

Thanks

callaway92

Media999 wrote: »

You should let us know what they say as a few will be in the same situation looking for loans.

Thanks

lol @ the nosiness.

Media999

callaway92 wrote: »

lol @ the nosiness.

ha just trying to help others out. Nothing more annoying than a forum discussion with no conclusion. :pac:

jessei

Hi,
This is how it went for my daughter, but I think different c.u.'s have different policies.
Max loan €7k.
interest 4%
over the years she regularly topped it back up to the €7k.
Only problem, you'll need a guarantor....
when you are topping it up, you'll need a letter from your college to prove that you're still in full time education...
We found them very easy to deal with,
Hope this helps..
(She only had to lodge a very small amount with them, but I was a customer)

Murt10

Media999 wrote: »

First loan i think is 4 times but after that its a decision by the men upstairs.

Just dont give the impression you fancy emigrating.

They may get your parents or someone else to go guarantor. Emigration problem solved.

Media999

jessei wrote: »

Hi,
This is how it went for my daughter, but I think different c.u.'s have different policies.
Max loan €7k.
interest 4%
over the years she regularly topped it back up to the €7k.
Only problem, you'll need a guarantor....
when you are topping it up, you'll need a letter from your college to prove that you're still in full time education...
We found them very easy to deal with,
Hope this helps..
(She only had to lodge a very small amount with them, but I was a customer)

Nice info thanks.

Just one question. Did she have a P/T job or did that matter as its a loan for college?

Thanks

jessei

it did n't matter.

Hennesm

I applied yesterday. First time loan. 6 months bank staments and. 3 weeks wages/DSP receipts and mortgage statements. It's 4 times what I have saved . They keep the savings on security until loan is repaid. Has to be repaid over 2 years. Will find out later today..hope it comes through as my son is still
Part of the whole Susi mess and I'm really worried about his return to college ...

jessei

if you son applies it'd be easier... you'd just be the guarantor and he'd get the student interest rate..
.if it's your loan they'll hit you with the 9.5% interest rate as opposed to 4% (the cu 's interest rates are high)
if they turn you down, apply to a different cu. but borrow some money from your mate before hand for a few weeks (to beef up your account.. it looks good) then get him apply for the loan with you as guarantor... it works!

Media999

Hennesm wrote: »

I applied yesterday. First time loan. 6 months bank staments and. 3 weeks wages/DSP receipts and mortgage statements. It's 4 times what I have saved . They keep the savings on security until loan is repaid. Has to be repaid over 2 years. Will find out later today..hope it comes through as my son is still
Part of the whole Susi mess and I'm really worried about his return to college ...

Thats not a student loan i would think. Sounds like a regular loan.

Hennesm

They approved it today, it's called a student fees loan? I'm confused...they never offered to put t in. My sons name. Interest rate is 6. Something.
Anyway I'm pleased as I was so worried about his college return , plus they were really nice...wish the banks were as nice
Can I really join another credit union and do the same thing? Seems odd

jessei

the credit unions are n't linked (unless something changed in the last year.) so you could join another

Media999

Not linked as in they all make their own profits etc.. but id imagine there is something on your credit history now.

It could be worse. You could be American and forking out 100k just to go to college for 4 years.

shnoo_shnoo

jessei wrote: »

Hi,
This is how it went for my daughter, but I think different c.u.'s have different policies.
Max loan €7k.
interest 4%
over the years she regularly topped it back up to the €7k.
Only problem, you'll need a guarantor....
when you are topping it up, you'll need a letter from your college to prove that you're still in full time education...
We found them very easy to deal with,
Hope this helps..
(She only had to lodge a very small amount with them, but I was a customer)

Does a guarantor need to be in full term employment or what exactly are the requirements ? thanks

farrelbot96

i dont have an account but i got four weeks wages in bank of irl, how should i go about getting the loan from credit union