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Credit Union Loan/Shares

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  • 09-09-2013 9:04pm
    #1
    Darren 83
    Registered Users Posts: 1,685 ✭✭✭


    Just a quick question, I'm hopping to withdraw shares from my savings but unsure if I can I know my shares are secured against my loan.

    For example if I had 300 loan and had 500 in shares can I take the 200 out?


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    #2
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    Darren 83 wrote: »
    Just a quick question, I'm hopping to withdraw shares from my savings but unsure if I can I know my shares are secured against my loan.

    For example if I had 300 loan and had 500 in shares can I take the 200 out?

    Yes, usually you can take the amount out as far as the balance of the loan, but each CU will have a slightly different rules, so a quick call would clear it up


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    #3
    Hesh's Umpire
    Registered Users Posts: 730 ✭✭✭Hesh's Umpire


    Similar question. If I have around 6.5 K in shares in CU and owe around 6 K in loan, how much of a top up on the loan could I reasonably expect to be allowed?


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    #4
    irishgeo
    Registered Users Posts: 9,491 ✭✭✭irishgeo


    Hesh's Umpire wrote: »
    Similar question. If I have around 6.5 K in shares in CU and owe around 6 K in loan, how much of a top up on the loan could I reasonably expect to be allowed?

    depends on how much your actually repaying on the other loan?


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    #5
    chrysagon
    Registered Users Posts: 2,813 ✭✭✭chrysagon


    im actually in 2 credit unions, and their methods in dealing with loans actually varied..


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    #6
    sedric
    Registered Users Posts: 49 ✭sedric


    All Credit Unions are independent entities, many are affiliated to the Irish League of Credit Unions , this is a league not a head office. Credit unions are owned by their members so you have a share in two.

    Their procedures for dealing with loans also vary because they themselves have different policies usually
    depending on the status of the credit union, e.g. some may wish to (prudently) increase their loans.
    The lending policy is available on request, it is usually a leaflet in the lobby.

    The aim of all credit unions is to serve it's members by among other things lending to them at attractive rates.
    They generally are very equitable in the way they treat members i.e. a member with a good record finds it easier to get a loan.
    Credit Unions publish annual reports and are very open about their services.

    Best of luck


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