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Loan

  • 29-03-2019 1:11pm
    #1
    Seanachai
    Registered Users Posts: 2,544 ✭✭✭


    I'm a credit union member and I'm currently paying back a 1k loan, it's my second with the branch and I paid the first one back ahead of time and I'm on track to do the same again. I'm in full time employment and I'm wondering if it's realistic to think I could get a 10k loan from them. I'm asking her because I'd find it a bit embarrassing to be rejected at the branch.


Comments

  • #2
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    Seanachai wrote: »
    I'm a credit union member and I'm currently paying back a 1k loan, it's my second with the branch and I paid the first one back ahead of time and I'm on track to do the same again. I'm in full time employment and I'm wondering if it's realistic to think I could get a 10k loan from them. I'm asking her because I'd find it a bit embarrassing to be rejected at the branch.

    Depends on how much you have in sharers with them, most credit unions have an online application system now also that you can use to apply and you will just need to drop in to the branch to collect it if approved


  • #3
    Seanachai
    Registered Users Posts: 2,544 ✭✭✭Seanachai


    gwalk wrote: »
    Depends on how much you have in sharers with them, most credit unions have an online application system now also that you can use to apply and you will just need to drop in to the branch to collect it if approved

    Thanks, I've used that before, I just wanted to get a feel from other people that have maybe done the same to get the lay of the land. I've only got a few hundred in shares, I'm putting money in weekly though.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    There's only one way to find out for certain.


  • #5
    whelan2
    Registered Users, Registered Users 2 Posts: 29,711 ✭✭✭✭whelan2


    When I was getting my last loan a few weeks ago they said the amount of shares does not matter anymore, they look at your ability to repay


  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    whelan2 wrote: »
    When I was getting my last loan a few weeks ago they said the amount of shares does not matter anymore, they look at your ability to repay

    But the OP's credit union may have a different policy.

    OP, no two credit unions are the same so it's pretty pointless asking the question you did without naming the credit union. Which would not be a good idea, given the amount of personal data you've provided.


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  • #7
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    It does vary from one CU to the next, in some ways, but nowadays the reality is that the Local Credit Union and the Local Bank Of Ireland or AIB or whatever are all much of a muchness.

    I've a great history with the local Credit Union, but yet they turned me down for a loan that Bank of Ireland (whom I've never had a loan with) approved me for.

    Having lots of money in your savings will help, but that's always the case no matter who you're getting a loan from.

    If you've no savings, and you're just hoping that two good €1k loan repayments will help you with your €10k loan application then I'd be doubtful they'll help you out too much to be completely honest. But do also try actual banks. They all have access to your credit history anyway, so it's not like AIB or such won't be aware of your previous and current loans/repayment history.


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