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Chance of getting Credit Union loan?

  • 21-07-2016 5:37pm
    #1
    Littlepea
    Registered Users Posts: 21 ✭


    Hi all, just wondering what my chances would be of getting a €10,000 loan from my credit union. I have €3,000 in savings but I haven't used the account in a couple of years (I've been saving with the bank instead as it's easier.) I did have my car loan with them previously and paid it back in full without any issues.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    Only your C.U. could give you the answer to that.


  • #3
    blindside88
    Registered Users, Registered Users 2 Posts: 1,968 ✭✭✭blindside88


    Have you considered a loan with your bank as that's where you save. Bank loans generally give a better rate of interest than the credit union, they also don't take a hold over your savings while you have the loan


  • #4
    Spocker
    Moderators Posts: 6,864 ✭✭✭Spocker


    Also remember that Credit Unions now run an ICB check on loan applications, and they will want proof of income, and bank statements to show outgoings such as rent/mortgage, car payments etc. A bank may give you a better rate, but a Credit Union will not have any penalties for paying back early, and usually provide free insurance too.

    It's impossible for us to tell without more information.


  • #5
    Littlepea
    Registered Users Posts: 21 ✭Littlepea


    Thanks for the info, I have a good income and no car loan. Would rather take it out with the credit union as I would be planning on paying lump sums off it when I have it and hopefully paying it back earlier than the three year term.
    We are renting at the moment but in the final stages of building a house so the loan is partly to bridge that gap until we get our final payment.


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