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Credit union Loan

  • 07-08-2018 10:27pm
    #1
    Jamesyboid88
    Registered Users Posts: 108 ✭✭


    I'm a little confused about a credit union loan. I was granted a €6000 loan which I get the end of the month. I had €1950 in the account when I applied for the loan and deposited another €350 yesterday. can I withdraw money still before I start the loan repayments ? What's the minimum I can have in the account before the loan repayments start or will they freeze the money in my account


Comments

  • #2
    notharrypotter
    Closed Accounts Posts: 1,112 ✭✭✭notharrypotter


    Read the loan document you signed regarding drawdown and repayment.
    Also talk to your own credit union as they are realistically the people who can answer this.


  • #3
    Edgware
    Registered Users, Registered Users 2 Posts: 5,874 ✭✭✭Edgware


    The common practice is that you cannot withdraw shares if your outstanding loan amount is greater.
    Also you were given a loan based on your shares and I dont think you will be allowed withdraw the shares even before the loan amount is given to you


  • #4
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    Your cash used to secure the loan is frozen as collateral. If you add more cash of your own into the account after securing the loan you can take that amount out but you must repay the loan to access your shares (1950).


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