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Credit Unions and lending advice

  • 20-11-2017 7:04pm
    #1
    LovelySpuds
    Registered Users Posts: 170 ✭✭


    Hi so I have a local credit union account since I was in school as the part time job I was working in at that time required me to have one to get paid. I've left that job a good while ago and am working elsewhere now. Now I have no savings in that account seeing as it was just used for wages, think I have the 5 euro required to keep the account open.

    Would it be easy to get a small loan (less than 1k) from them with proof of income? Just looking for a few opinions.

    Thanks in advance


Comments

  • #2
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    CU's are great and local and all that jazz, but with every passing day they become more and more 'bank-like'.

    They'll want proof of income, outgoings, etc. and they will lend to you almost strictly based on your ability to repay and credit history.

    If you're looking for €1,000, depending how fast you need the loan, you'd be almost better off lodging €500 and then going in for a loan of €1,500. This way you're only getting three times you're savings and they have security against the loan. It sounds silly, but can help.

    (just incase that's confusing, you're getting a loan of the extra €500 to replenish the €500 you put into your savings to get the loan).


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