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Criteria for applying for Credit Union loan

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  • 14-02-2015 8:38pm
    #1
    Tdoyle
    Registered Users Posts: 37 ✭


    I have been with my credit union for over 20 years, never missed a loan payment, have no mortage or no loans except with the credit union. I applied for a new loan and have to submit three months payslips, three months bank accounts and agree to a credit check being carried out. I have no issue with any of this but they also asked what the loan was for and when I said home improvements they asked for a quote from the builder for the work being carried out. Has anyone else come across this. I really feel that is too much (even though I genuinely am getting work done to the house)


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


    Credit Unions are now subject to much more regulation than they used to be so their lending files are spot checked and audited by Central Bank therefore they must make sure they are all squeaky clean which is why they need proof of purpose. This has nothing to do with your past record etc.


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