credit union

JE89

I was just wondering if anyone could help me out .. I have 1000e savings in credit union but i have 850e left on my loan i was thinking of paying it off completly with my savings and wondering if i could apply for another 1000e loan would they give it 2 me

naughtysmurf

What was the original amount you borrowed that you now owe 850 on?

JE89

naughtysmurf wrote: »

What was the original amount you borrowed that you now owe 850 on?

1000 and i also have 1000 savings that are frozen until i pay of the 850

RossieMan

That doesn't make any sense whatsoever.

You want to pay off 850 to take out a loan of 1000? A loan you already took out?

Am I missing something?

JE89

RossieMan wrote: »

That doesn't make any sense whatsoever.

You want to pay off 850 to take out a loan of 1000? A loan you already took out?

Am I missing something?

I want to clear my loan with my savings that the credit union are holding because i cant touch it until i pay of my loan .. and after that i want to apply for another loan because all my savings will be gone

naughtysmurf

You haven't had your original loan for very long then?

And you have what's called a covered loan which you probably got by not showing much more than a couple of payslips.....your best bet is to just go & ask them, explain why you need an extra 1k & see what they say, I doubt they will give you 1k with only 150 in savings which is nearly 7 times 150

JE89

naughtysmurf wrote: »

You haven't had your original loan for very long then?

And you have what's called a covered loan which you probably got by not showing much more than a couple of payslips.....your best bet is to just go & ask them, explain why you need an extra 1k & see what they say, I doubt they will give you 1k with only 150 in savings which is nearly 7 times 150

Thanks for advice

RossieMan

But what's the logic behind that? It just doesn't make any sense from any point of view.

JE89

RossieMan wrote: »

But what's the logic behind that? It just doesn't make any sense from any point of view.

What do u mean what is the logic behind it ? I have Savings that i cannot touch because of my loan .. So im going to clear my loan .. And try and get another one as im a single mother on goverment maternity pay struggling to make ends meat.. does that make sense now ?

RossieMan

No. You won't get any loan if you don't have a working income. I don't like being the bearer of bad news, but it's not as easy to get a loan as it was years ago.

Don't pay off your loan, it's wasted money as you literally have no chance of getting any decent size loan without an income of some sort.

naughtysmurf

While it's certainly true it's much more difficult to get loans than before, credit unions are still more accommodating, especially if you have a history with them, it's still worth your while the next day you are in, after you have made a loan repayment on your current 850 owed to enquire about topping up your current loan, explain the situation & see what they say....they will speak to you in private, they may not give you 1k but maybe 500, having said that, don't overstretch yourself with debt because it probably won't end well

TheBeach

Have you been able to pay any of the original loan back at all? Perhaps they could top up the current one? You can usually borrow based on your savings é. g. Double your savings.

JE89

TheBeach wrote: »

Have you been able to pay any of the original loan back at all? Perhaps they could top up the current one? You can usually borrow based on your savings é. g. Double your savings.

Yeah im able to pay it back no problem never missed a payment.. I will go in tomorrow and see what they say