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Chances of a small credit union loan?

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  • 01-05-2014 3:12pm
    #1
    Argala
    Registered Users Posts: 6 ✭


    I owe 500e from a credit card debt and I wanted to get a loan from the Credit Union in order to pay it back.

    Currently I have only 50e in my credit union account.

    Do you think I would be able to get the 500e loan? I realise I have very little in the account but I'm hoping that because the loan is for a fairly small amount they will agree.

    I am on jobseeker's benefit but have no bills (no car/insurance/phone).


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    #2
    keysersoze0330
    Registered Users Posts: 2,051 ✭✭✭keysersoze0330


    Argala wrote: »
    I owe 500e from a credit card debt and I wanted to get a loan from the Credit Union in order to pay it back.

    Currently I have only 50e in my credit union account.

    Do you think I would be able to get the 500e loan? I realise I have very little in the account but I'm hoping that because the loan is for a fairly small amount they will agree.

    I am on jobseeker's benefit but have no bills (no car/insurance/phone).

    Not working no loan I'm afraid.


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    #3
    Anyone
    Registered Users Posts: 3,376 ✭✭✭Anyone


    keysersoze0330 wrote: »
    Not working no loan I'm afraid.

    This is incorrect. Ability to repay is based on your income and outgoings, not if you are working or not.
    Argala wrote: »
    I owe 500e from a credit card debt and I wanted to get a loan from the Credit Union in order to pay it back.

    Currently I have only 50e in my credit union account.

    Do you think I would be able to get the 500e loan? I realise I have very little in the account but I'm hoping that because the loan is for a fairly small amount they will agree.

    I am on jobseeker's benefit but have no bills (no car/insurance/phone).

    Give them a call OP, explain what you want the loan for and they will tell you what you will need to do. Every Credit Union is independent, so what happens in one will not necessarily happen in yours.


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    #4
    Argala
    Registered Users Posts: 6 ✭Argala


    Thanks. My girlffriend is going to add 250 to my account so hopefully, if I have 350 in the account they'll give me the loan for 500.


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    #5
    petes
    Registered Users Posts: 8,382 ✭✭✭petes


    Argala wrote: »
    Thanks. My girlffriend is going to add 250 to my account so hopefully, if I have 350 in the account they'll give me the loan for 500.

    Why not just pay the 350 off the credit card instead of getting a loan?


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    #6
    Argala
    Registered Users Posts: 6 ✭Argala


    petes wrote: »
    Why not just pay the 350 off the credit card instead of getting a loan?

    I would but I've reached the "final warning" stage. I have to pay it all off as soon as I can. I'll be teaching in Korea soon so I will be able to afford to pay back the loan in about two months but the credit card company are trying to get the money off me right now which I can't afford.


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    #7
    rubberdungeon
    Registered Users Posts: 606 ✭✭✭rubberdungeon


    Pay the girl friends 250 off the CC and try to borrow 250 from the CU, that will save interest on the Credit Union loan. Pay your girlfriend back from the teaching job.


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    #8
    sparkynash
    Registered Users Posts: 142 ✭✭sparkynash


    Why get a loan to pay loan.its still a loan.


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    #9
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    sparkynash wrote: »
    Why get a loan to pay loan.its still a loan.
    Because it's cheaper to pay the interest on a CU loan than it is on CC debt.


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    #10
    Argala
    Registered Users Posts: 6 ✭Argala


    MagicMarker wrote: »
    Because it's cheaper to pay the interest on a CU loan than it is on CC debt.

    Yes and also, the credit union loan would have a longer repayment period.


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    #11
    sparkynash
    Registered Users Posts: 142 ✭✭sparkynash


    Have Irish ppl learned nothing from the last few years,dont borrow money,save it.


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    #12
    Argala
    Registered Users Posts: 6 ✭Argala


    sparkynash wrote: »
    Have Irish ppl learned nothing from the last few years,dont borrow money,save it.

    What a constructive comment. Thank you.


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    #13
    OU812
    Registered Users Posts: 6,047 ✭✭✭OU812


    Argala wrote: »
    I would but I've reached the "final warning" stage. I have to pay it all off as soon as I can. I'll be teaching in Korea soon so I will be able to afford to pay back the loan in about two months but the credit card company are trying to get the money off me right now which I can't afford.

    Are you intending on keeping the card ? I assume you've checked if your credit record is damaged (nothing to be ashamed of, about ¼ of the country is). If you've missed payments, then your credit record is damaged.

    If you're not intending on keeping the card & your credit record is already damaged, offer them the €250 "in Full & final settlement of the account". Worst they can do is say no. Actually, I'd offer them less to start with, maybe €175 & when they say no to that, go back to them with a revised, final offer.

    Believe me, them getting half of what they're owed (& €500 is nothing) is far better than the option of getting them nothing.


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