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credit union loan-wedding

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  • 31-07-2014 12:38am
    #1
    fairycakes
    Registered Users Posts: 201 ✭✭


    hi there

    Just wanted some advice. I am with the cu for over 14 years and have had around 5/6 loans with them (all paid back) the last one i paid back was for 10,000.

    We are getting married early next year and plan to have around 5000 saved. I was wondering will we have any problems with getting a loan for 15,000? with the recession i wasn't sure if they would give it to me? my partner is on a good permanent wage and i am just qualified searching for full time work hoping to get something soon, i work part time at moment.

    Any help would be great :) thank you!


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


    That is a bit of a magic 8 ball question :)

    With a good repayment history and regular savings it is possible you might, but no one but your credit union can give you a precise answer.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Your credit union is more than likely looking for good members like you to lend to. Most credit unions are more concerned with your ability to repay rather than the amount you have saved. That said, if you manage to save 5k by regular installments (as opposed to just making a once off deposit) you are in an excellent position for a loan as you have proved you can pay by virtue of your saving record.
    As BoffyBot says only your credit union can answer that. So ask them now. Many members get an agreement in principle in advance of borrowing, especially for a wedding loan.
    As long as you don't have too much debt already , like mortgage, credit card, HP, overdrafts, etc, you will likely get the answer you want
    Talk to you credit union and let us know if you get the answer your want. BTW, you will be advised to bring a typed or neatly written wedding budget with you, showing breakdown of total costs (incl honeymoon), what deposits are paid if any, what you need & what you expect back in gifts. €15k is below the average cost for a wedding so you are already demonstrating a level of conservatism !


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