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credit union loan

  • 30-07-2016 1:51pm
    #1
    stee293
    Registered Users Posts: 6 ✭


    I paid off a loan of 3600 very quickly ( first loan ) then applied for 5000. The manager approved me 5500 without asking considering my circumstances. I was told to pick it up today but was informed that the credit union committee put it on hold for the manager to look at ( Tuesday as she is not working weekends ).
    Can the credit committee overturn the managers decision or is it the managers final decision? The only thing I could think of is that I paid off the first loan too quick which the manager let me away with because I didn't know any different.
    Also the loan is on hold, not rejected.


Comments

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


    There are no penalties for paying a Credit Union loan quickly, so thats no the reason. Yes, the Credit Committee can overturn a decision of the manager, if it's in that Credit Unions lending policy (although they haven't done this, the loan is just 'on hold')

    As you said, the manager didn't consider your circumstances, and it was wrong of them to approve your loan without doing that. The Credit Committee are correct in what they are doing


  • #3
    stee293
    Registered Users Posts: 6 ✭stee293


    Spocker wrote:
    As you said, the manager didn't consider your circumstances, and it was wrong of them to approve your loan without doing that. The Credit Committee are correct in what they are doing


    She did consider my circumstances, sorry if I worded that wrong. So basically it was sent back to the manager to look at for some reason. The committee did not reject it so I take it its up to the managers discretion?
    The manager did say I paid back the loan far too fast ( a month ), because some people try get big loans asap and run. I can't think of anything else it could be.


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


    Paying a loan of 3600 in a month is fast alright. If it was sent back to the manager for another look, no-one here can tell you the reason unfortunately, you're going to have to wait until Tuesday for the decision


  • #5
    stee293
    Registered Users Posts: 6 ✭stee293


    Spocker wrote:
    Paying a loan of 3600 in a month is fast alright. If it was sent back to the manager for another look, no-one here can tell you the reason unfortunately, you're going to have to wait until Tuesday for the decision


    Always on a bank holiday. Grrrr... thanks :)


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