Credit Union Loan

gwantafupp

Has anyone ever had their CU ask for confirmation of what they're spending their money on?
I applied for a small enough loan for braces and dental work. I've already saved over half the amount of the loan. The lady I was dealing with asked that I have my dentist email confirmation of the work to be done and that it will cost the amount I applied for.

I find it very strange.

CarrickMcJoe

Not to that extent, recently borrowed to buy a car and had to show proof of purchase, but that was to avail of a lower interest rate. Could it be something similar with you?

naughtysmurf

They have tightened up a bit ok but I've never been asked what you have been asked, usually they need to know what you want it for, three months bank statements, couple of recent payslips & ID

Unless it's your first loan with them but even at that, sounds a bit OTT as your statements will show where it's going anyway up to a point

gwantafupp

No, she said it was to prove that I want going on a "Caribbean cruise"

naughtysmurf

My credit union do want holiday loans paid back over 12 months, other stuff can be longer terms, she was a bit cheeky IMO

They may do a ICB check also

gwantafupp

They can check the ICB away! I have nothing to hide!

BuffyBot

It's down to the individual CU. They are within their right to ask. You don't have to provide the information, but they do not have to provide you the loan