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Is it possible to get a CU union whilst being overdrawn with main bank?

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  • 16-07-2015 11:16pm
    #1
    Hammer89
    Registered Users Posts: 3,003 ✭✭✭


    Hey,

    I've been thinking about getting a loan with the Credit Union. Problem is, I'm €1000 overdrawn - and basically will be until I get either a pay rise or very lucky in the bookies.

    Is this an automatic rejection when they see my bank statements?

    Cheers.


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    #2
    ps3man
    Registered Users Posts: 786 ✭✭✭ps3man


    Hammer89 wrote: »
    Hey,

    I've been thinking about getting a loan with the Credit Union. Problem is, I'm €1000 overdrawn - and basically will be until I get either a pay rise or very lucky in the bookies.

    Is this an automatic rejection when they see my bank statements?

    Cheers.

    If you are in an unauthorised overdraft then yes cause it shows you cant manage your finances correctly. It will probably also be on the ICB so it will show up there too.


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    #3
    Hammer89
    Registered Users Posts: 3,003 ✭✭✭Hammer89


    No it's been authorised by AIB. I've only got a debit card so I don't think it's possible for it to be unauthorised? Anywho, does the fact it is authorised improve my chances?


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Yes and no. The fact that it's authorised is good, it means you could still apply. You will still have to list it as existing borrowings on your loan application, which will affect their decision because it reduces your repayment capacity. The other thing to consider is that the T&C of most oferdrafts states that your account must go into the black at least once every 30 days. I recently got a small loan from the CU and had to give them 3 months statements, so if they ask you for this, they'll be able to see whether or not your account has been operating well.


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