CU top up loans in quick succession?

Ms. Pingui

Just a quick question about getting another top up on a credit union loan shortly
after another.

I have 550 in an account which I cant touch on account of the loans I have out.

I got a loan of 1800 back in 2013, which I pay 20 off each week. I then topped up this loan by a further 2000 around May this year which was no problem.

Now I'm a bit stuck again and I'm wondering if they would consider another top up so soon after the last one.

I pay 20 into a savings accounts every week and pay 20 back on my loans every week. I have never missed a payment on either of these.

Any ideas?

Toots

Probably not unless it's a real emergency. I took out a small loan with my CU in April, then last month my husband's car completely died. I rang the CU and they topped up my loan because it was literally a case that my husband had no way of getting to work without his car. They did say to me that usually they wouldn't top it up until the previous one was nearly cleared, however because my account operated well and we were really stuck, they'd do it. It wouldn't do any harm to ring them and see. I have savings of just over 1k, so they might ask you to top up your savings a bit if you want to increase the loan.

coylemj

No two CUs are the same, each is run by a local committee and will have their own lending rules.

OP, go and ask them, that's the only way you'll find out.

Ms. Pingui

Thanks for your replies, I'll ring them tomorrow. Unfortunately they're closed on Mondays.