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Will I get CU loan with no savings history?

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  • 27-08-2013 8:19pm
    #1
    whistler21
    Registered Users Posts: 12 ✭


    going into the credit union 2mor with 2000 deposit looking for ten thousand of a loan, im on good money and have very little bills so repayment is no problem. the only thing is i have an account with them a few months now but no savings im just hoping they give me the loan on the strenght of the deposit, as my car is on its last legs and i need transport for work or im frigged.... any feed back on my situation would be greatful thanks......


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I would be shocked if they gave you a loan. Even 5 years ago you had to have a history of making regular payments into your share of around the payments on your loan.

    Also your first loan was usually for less than your shares, your second loan was for 1.5 times your shares etc. Also they liked to see you shares rising while you are paying the loan too.

    If you are applying you usually need picture ID and a bill in your name to your address dated in the last 3 months and 3 months bank statements.


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    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    whistler21 wrote: »
    going into the credit union 2mor with 2000 deposit looking for ten thousand of a loan, im on good money and have very little bills so repayment is no problem. the only thing is i have an account with them a few months now but no savings im just hoping they give me the loan on the strenght of the deposit, as my car is on its last legs and i need transport for work or im frigged.... any feed back on my situation would be greatful thanks......

    I think you (and you're not alone) misunderstand the nature of credit unions: they're not there to just hand out loans to people. They don't have bottomless pits of money.

    There is a saving aspect too, which is crucial - without people saving, there is no money to lend. To get credit, you need to be a active member. Being a active member involves putting money in, and build up a relationship/history before seeking credit.


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    #4
    Squiggle
    Registered Users Posts: 1,254 ✭✭✭Squiggle


    Much better chance of getting a lease deal with a bank or through the garage.


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    #5
    SolitaireX
    Registered Users Posts: 84 ✭✭SolitaireX


    You won't get a loan for that much, a first loan with the credit union is always a "loan within shares". Effectively you can only borrow the amount you have in the credit union and the amount outstanding on the loan cannot be withdrawn.


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    #6
    whistler21
    Registered Users Posts: 12 ✭whistler21


    hey all forgot to get back to you i got the loan no problem at all and have my flash audi now so happy out!!!


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