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Credit Union Loan

  • 08-03-2018 5:55pm
    #1
    Jamesyboid88
    Registered Users Posts: 108 ✭✭


    I'm thinking of joining the credit union to save my money. How hard would it be to get a loan from the credit union ? I've been unemployed for the last two years and I've just finished a year long course with springboard. I have a few hundred saved


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    No two credit unions are the same. Some of them are under intense supervision by the regulator because of previous bad practices (typically lending to people to buy second or third houses) and may not be lending at all though if they are free to do so, most CU's are mad keen to lend as they are getting 0% on spare cash they have on deposit with the banks.

    Ask someone who is a member of the CU you're thinking of joining.


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    It would also depend on loan amount. Theyll need to make sure you have enough to live on after you make your loan repayments


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    368100 wrote: »
    It would also depend on loan amount. Theyll need to make sure you have enough to live on after you make your loan repayments

    That applies to any financial institution exercising proper criteria prior to granting loan approval.


  • #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    coylemj wrote: »
    That applies to any financial institution exercising proper criteria prior to granting loan approval.

    Did i say it was unique to credit unions?


  • #6
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I think it would be good to get maybe a small loan from the credit union especially if you never borrowed before as it will be good for your credit rating to show potential lenders that you paid back a loan within the terms and conditions and on time.


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  • #7
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    368100 wrote: »
    It would also depend on loan amount. Theyll need to make sure you have enough to live on after you make your loan repayments

    Or not it would seem!!

    https://www.independent.ie/business/personal-finance/credit-unions-failing-to-check-if-members-can-repay-their-loans-36699127.html


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