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Credit Union loan tips

  • 19-01-2017 11:14pm
    #1
    drewmichael
    Registered Users Posts: 12 ✭


    I want to get a 15000 loan for around this time next year and was thinking it might be best to do this through the credit union rather than bank since I already have mortgage and car loan through them and looking to get a house extension so we want to do this 15k loan separately, or at least secure it in the easiest way.

    Myself and my partner are not in the credit union but so we were thinking of setting it up soon.
    We can save 500 a month so what would be the best way to lodge and then get loan? For example, should we lodge for 3 months, then take a x2 or x3 loan then pay most of that back and get a top up to take the total to 15?

    Thanks


Comments

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


    It's had to estimate based on things that haven't happened, but here goes:

    You should start by opening the accounts first, and start a regular savings pattern. Every Credit Union has different lending rules, but heres some general hints I can offer:

    - all Credit Unions run an ICB check - any black marks from the previous 5 years, along with your current mortgage and car loans will show up
    - the loan will be primarily assessed on ability to repay - if your Debt-to-income ratio goes above 40% you'll be on thin ice
    - bank statements and payslips will be looked for, at least 3 months of each - extra curricular activity such as debits to online gambling services are frowned upon.

    You might be asked to come in and have a chat with the Credit Committee, but thats not necessarily a bad thing - if you're floating close to the 40% DIR, you might be offered a lower amount for example.


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