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How difficult is it to get a Credit Union Loan

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  • 29-09-2013 3:07pm
    #1
    shadowcomplex
    Closed Accounts Posts: 4,097 ✭✭✭


    I opened up a credit union account yesterday, I should have 4-5k in there in the next 2 months , if I applied for a loan of 10k in 2 months time to buy a car would it be accepted or rejected. I am on a decent wage, 60k a year and no mortage. I am also paying off another loan with the bank of ireland


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Unlikely. I can't imagine any credit union sanctioning that kind of loan.

    First, they'd want to see a longer term saving history, and your first loan will generally be for a smaller amount than your shares.

    I've said it before, but people seem to have a deep misunderstanding about credit unions. They're not first and foremost a way to obtain a loan. They're there to encourage savings and to lend to their members (and to do so responsibily).


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    #3
    NeVeR
    Registered Users Posts: 5,330 ✭✭✭NeVeR


    Just to add,, I think you've to be a member for over 3 months before you can apply for a loan.


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    #4
    Lisha
    Registered Users Posts: 8,693 ✭✭✭Lisha


    Generally bank car loans and car finance companies have lower interest rates


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