Credit union loan

johnksligo1

Hi there,

I'm wondering if people could give some advice. I've been a member of my credit union for a few years now but my account is empty at the moment. I want to get a loan of about €2,500 to pay off a bank overdraft with aib(€1000) and credit cards (€1400). I've recently graduated from college and this money borrowing would basically have been from fees and rent etc.

I'm worried that I wont get approved as I've very little saved at the moment and my bank account shows frequent transactions with gambling companies. I do have a steady job with about €450-500 coming in every week so meeting the €20 weekly repayment wouldnt be a problem.

I want to clear my debts and stop gambling so I can wipe my slate clean, do you think I would get a loan? Or do you have any other options or advice for me?

Petyr Baelish

Get rid of the credit cards and the overdraft so you have to live according to your means. If you can then consolidate your loans into one with the CU then good luck to you, I would say you are doing the right thing but stay away from the bookies!

punisher5112

I would recommend stop the gambling sites for starters as even for a mortgage in future that would stop you as they look for these types of things.

Could you put any savings into the CU account??

I would say if your account is empty or very small they will take that into account also.

They will want a wage packet/receipt, photo I.D, bank statements last 3 months or so depending.

If you do have money left after wages go in and you don't run on overdraft they may consider but as I said gambling sites could well be a problem.

johnksligo1

Thanks guys, I realise the gambling is a a mistake and I'm cutting that out completely, I was unemployed for a while and it took over my life for a bit.

I would love to be able to wipe the slate clean and have no debts to be worrying about, apart from the €20 or so that would be coming out from my account obviously.

I'm afraid they will take a look at my bank accounts and wont approve me.

harr

They more than likely will look for 3 months statements from bank as well as a few months pay slips and maybe credit card statement.
Be honest with them as to why you need the loan....it might make is easier if you were able to pay €20 from loan and €10 to savings weekly...they then will weigh up pros and cons and do a credit check.
No real way of knowing for sure unless you apply , if you are not successful with the Application I would seriously consider starting to stick a few quid in savings each week..
I take it you are single with no children? If that is the case you should be doing your upmost to pay €50 off the CC each week after of course you cut it up.

Credit Union are becoming more and more like a normal bank with every passing day. but at the same time, they are good in that they can have a little leeway, and are generally more relaxed in their approach.

Save a couple of euro each week for 5-6 weeks. save the same amount each week and it demonstrates an ability to repay. Then go in with your 'poor me' face and hope for the best.


As an aside, am i the only one that finds it ridiculous that you can't gamble? I can honestly say I am 29 years old and have probably made about 5 bets in my entire life. None of which would be on my bank statement. But i find it mad that because you throw €10 or €20 onto a football team or horse or such, the bank reckon you're a gambling addict and will bet the house and furniture on a horse the minute they give you a loan. Seems weird for them to even consider it (unless you're betting an enormous percentage of your income, but then in that case they could rule against you for spending a lot of money on anything, really). Doesn't seem fair to me that gambling specifically is targeted.