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Credit Union Loan an option?

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  • 05-09-2014 4:50pm
    #1
    changepartners
    Closed Accounts Posts: 148 ✭✭


    Hi,

    Looking for some guidance on this... I'd like to borrow about 2,500 in the new year. I'm working part-time and can't quiet manage to save that much in this period. I can't get a bank loan as my income just isn't enough for them to consider it.

    I could easily save 1,000 or just deposit 1,000 with the CU now, would this allow me to borrow 2 or 3 times the amount in January? I'm not currently a member so I would be joining more or less to borrow this money in the future...

    Would this be possible or is this how they work?


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    You would be better to save regularly with them rather than deposit a lump sum unless the lump sum was followed by regular savings. Different credit unions have different borrowing rules so maybe ask in whichever one you are considering what their policy is. They would be your best bet for a small loan with low income.


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    #3
    changepartners
    Closed Accounts Posts: 148 ✭✭changepartners


    Thanks for that. Do they lend as a multiple of your savings as I have read?

    They seem like a good option as I will probably be in a position to pay the whole thing off a few months after I take it out. The banks aren't so flexible!


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    #4
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    They differ in their requirements, not always as simple as a multiple of savings.


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