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Credit Union loan

  • 18-01-2019 6:34pm
    #1
    JacenSolo
    Registered Users Posts: 59 ✭✭


    Hi. I am looking to apply for a credit union loan. I joined my current credit union last November and I have been saving infrequently. I was previously a member of another Credit Union (I moved). I am full time employed and no other expenses and I am wondering if the CU would approve a loan of €3000 (well above my current shares)?

    I know its a common misconception that you need to be a member of awhile and can only borrow 25% of your shares, they take ability to pay into account more.


Comments

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


    No two credit unions are the same. Even if they have the same rules, some of them are under Central Bank restrictions, some of them have lending committess which are bit more conservative than others. So you really need to apply for a loan or find someone who is a member of the same CU and who knows their track record on lending.

    But in general terms, most CUs are awash with cash and should be keen to lend as almost all of them have excess cash which is earning them no interest.


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