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Credit union loan / no substantial savings

  • 27-10-2015 4:01pm
    #1
    Colash
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭


    Hi I'm just wondering has anyone ever recieved a credit union loan with no substantial savings in their union account ? A relative is willing to go guarentee on a loan I apply for with the credit union but I'm wondering is this possible ? My ability to repay is no problem , it's just I haven't saved a whole lot in the credit union


Comments

  • #2
    Dodge
    Registered Users, Registered Users 2 Posts: 10,303 ✭✭✭✭Dodge


    IN ye olde days, CU loans of 3 or 4 times the savings could have been applied for without too much hassle. Now most require bank statements etc showing ability to repay as the main deciding factor so if you have the money elsewhere you'll be OK


  • #3
    Colash
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭Colash


    Dodge wrote: »
    IN ye olde days, CU loans of 3 or 4 times the savings could have been applied for without too much hassle. Now most require bank statements etc showing ability to repay as the main deciding factor so if you have the money elsewhere you'll be OK

    You mean if I had proof of a weekly wage that would be sufficient for them ? Also is repayments set up from a bank acc direct debit ?


  • #4
    Dodge
    Registered Users, Registered Users 2 Posts: 10,303 ✭✭✭✭Dodge


    It's up to each credit union what they ask for. No harm in giving them a call and see what they require. Wage slips would help show you've a regular income and could meet the payments so yeah, whatever helps your case....


  • #5
    Colash
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭Colash


    Dodge wrote: »
    It's up to each credit union what they ask for. No harm in giving them a call and see what they require. Wage slips would help show you've a regular income and could meet the payments so yeah, whatever helps your case....

    Thanks for your help


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