Credit Union

redmgar

How long do you need to be a member of the credit union to get a loan, can you borrow more than you have saved?

phormium

They all differ, you'll have to check with your own to see what their policies are.

endacl

Reading between the lines.....

If you need a loan in a hurry, and open up an CU account simply to apply for one, you won’t get it.

phormium

I dont' know how true that is Depending on the need and the CU there are some that will do loans very quickly, it all depends!

endacl

phormium wrote: »

I dont' know how true that is Depending on the need and the CU there are some that will do loans very quickly, it all depends!

For existing members with a history of saving.

phormium

endacl wrote: »

For existing members with a history of saving.

Not necessarily, it depends of course on the need/reason, I have seen loans approved for accounts just opened however the reasons would need to be fairly exceptional but some people have exceptional reasons, it's nor for your average car loan!

redmgar

What about the civil service credit union?

Spocker

redmgar wrote: »

What about the civil service credit union?

Call them up and ask?

Trish56

Credit Unions have plenty of money to lend so it's worth giving them a ring to see if you need to have savings. I know one that you don't so worth a phone call.

Frozen Veg

You can get a loan straight away from the majority of credit unions.

gerard2210

redmgar wrote: »

How long do you need to be a member of the credit union to get a loan, can you borrow more than you have saved?

Most credit unions will take a chance and give a small loan to new members, the amount will depend on the members ability to repay the loan.

Mollydog123

My local one told me last week that they are limiting the deposits, as the banks are charging them too much to keep the money. They aren't enough people taking out credit union loans either.