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am i getting my Credit union loan

  • 20-06-2016 11:44pm
    #1
    Icyseanfitz
    Registered Users, Registered Users 2 Posts: 7,410 ✭✭✭


    Hey guys, i applied online for a loan yesterday with my local credit union for €3,500, I'm a student and have worked part time in the same place for 10 years. I'm receiving back to education while in college as well.
    I reopened up my credit union account around 2 months ago and have been putting between 25-50 euro into it every week.

    Got a call this morning from a lady in my credit union, she went through all my details, income etc, said I'd be on an educational loan, She said she talked to the loans officer and that repayment would be over 4 years at 20 euro a week. She also said they'd need my partner as a guarantor took her details. I was told that there was some form being sent out to my address to be signed/filled up. I also have to send in recent payslips, 3 months bank statements, my exam results (failed one subject), partners payslips, bank statements and a breakdown of what il be spending it on. Is this a sign that i might be getting the loan?


Comments

  • #2
    Spocker
    Moderators Posts: 6,864 ✭✭✭Spocker


    This is a standard procedure that all credit unions go through, in order to process the loan. What happens next is this:

    after you send in the paperwork, you and your guarantor's history will be examined (the payslips, bank statements, etc), and (likely) an ICB check will be performed. If all is in order, and your debt-to-income ratio is below the threshold (usually 40%) and it's deemed you have the capacity to repay the loan, then you should be OK.

    The exam results are to ensure you are actually a student, and thus qualify for the educational loan rate.


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