Credit Union Refused Loan

Derjo

Hi

I have had two loans with the credit union, no problem. First was €10k, then €3k.
I have a mortgage and a loan with my husband which never came into account. They would just put my half of the mortgage into my details.
Yesterday, I asked for a loan of 1500 and I was told I would need 3 payslips from my husband and he would have to sign off on the loan.
It is my own personal account, in my maiden name and I am really annoyed that my husband is being brought into this!
The Loan Officer just keeps saying the rules have changed and I'll never get another loan without my husbands signature.
Has anyone else come across this?

Spocker

Did you ask the loan officer to explain which rules they are referring to?

A couple of more questions - are their amounts on your previous loans? Is the other loan (the one with your husband) from the CU as well? It may be that they are adding a top-up to an existing loan, and if thats assigned to you both, then yes they would need both signatures and satisify Anti-Money Laundering rules.

Your title is misleading too, they haven't refused you the loan, just that you need to provide extra information

notharrypotter

I too am about to apply for a loan from my credit union.
To improve my chances I cleared the old loan last week.

I have a form to fill out.
I assume your form will be similar.

There will be a section on the loan application form regarding if your spouse contributes to household expenses.

This is what you required to fill out.

harr

I always pay my loans off early and always have been in my own name but the last few loans (small) I needed my wife to co sign and needed her pay slips and banks details.
They have gone very strict even to those who have savings..

amcalester

Are you employed?

Tinkerbell4484

Just wondering how you got on with this? My husband has applied for a small loan from our local CU, he is full time employed, account is solely in his name. All our finances are showing on his bank statements which he has given them, but now they are requesting mine, as they want proof of child benefit (2 kids). My bank account is in my maiden name and I’m a stay at home mum so I’ve no income, which they know, my husband earns more then enough so we are unsure why they are looking for these.

Spocker

Tinkerbell4484 wrote: »

Just wondering how you got on with this? My husband has applied for a small loan from our local CU, he is full time employed, account is solely in his name. All our finances are showing on his bank statements which he has given them, but now they are requesting mine, as they want proof of child benefit (2 kids). My bank account is in my maiden name and I’m a stay at home mum so I’ve no income, which they know, my husband earns more then enough so we are unsure why they are looking for these.

I know you say that he 'earns more than enough' but in the end it all comes down to debt-to-income ratio, and what that %age is. They are likely looking for your account details, to help make that DTI number as small as possible, to try and help you get the loan. The CU are out to help you, but they do have to be able to stand over the numbers in the end, as the Central Bank regulations require

punisher5112

It's nothing like it use to be and honestly they aren't pushing for such terms, since the big bang and the money issues they are regulated differently and have to show everything as they can be investigated and if everything isn't done right they are in serious trouble.

Proof of any income and outgoing is a must whether working or not. They need to check everything.