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Credit Union Loan - New Account

  • 13-09-2022 12:32pm
    #1
    TempAccount111
    Registered Users Posts: 14 ✭


    Just want to check on possibilities for something like this. (Likely a case of actuallt having to go into a Credit Union to ask though)

    I am currently on JSB but starting a new role end of September with 1st payment late October then

    If I went into a St Francis Credit Union and opened an account with them, would there actually be any hope that they would give a loan of €500ish knowing that I'll be getting paid my new salary from late October? Or would they require me to put x amount of money in now (which I wouldn't be able to)

    Thanks in advance



Comments

  • #2
    AnRothar
    Registered Users, Registered Users 2 Posts: 581 ✭✭✭AnRothar


    Credit Unions tend to be flexible in their lending practices these days.

    They will have a number of loan types available each with different rates.

    They days of having x amount of shares to get y amount of money still exist but do not always apply.

    They nowadays mostly look at your ability to repay, previous credit history and loan purpose.

    I would suggest go and have a conversation with your credit union to see what they think.



  • #3
    TempAccount111
    Registered Users Posts: 14 ✭TempAccount111


    Thank you

    Yes I think I’ll go in with the confirmation of the new role and go from there confirming I could start repayments from end of October (which is surely fairly standard for loans anyway to start payments a month or so after beginning the loan)

    Will let you know how it goes



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