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Credit union loan

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  • 17-03-2005 1:28pm
    #1
    minnie_mouse
    Closed Accounts Posts: 96 ✭✭


    Hi, just a question botu credit unions. I want to take out a 1,200 euro loan in june for going away. i dont think bank of irl would be intersted as i dont earn over 15,000 euro. i was thinking of joining the credit union, have heard good stuff about it. Is it true you can take a loan out for up to 3 times the amount you have saved? If i started saving this week would it be possible to take out a loan for june?


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    #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    minnie_mouse wrote:
    Is it true you can take a loan out for up to 3 times the amount you have saved?
    For the most part, yes. Sometimes they'll give you more, presumably if you're a good repayer with a long-standing relationship.
    If i started saving this week would it be possible to take out a loan for june?
    I doubt anyone here can answer that authoritatively. Go to your local CU and ask, they're usually very helpful and upfront with people.

    adam


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    #3
    Dr. Loon
    Registered Users Posts: 3,522 ✭✭✭Dr. Loon


    In my credit union (Swords) you can only take out x2 of what you have saved on your first loan. After that I believe it's up to 4 times.


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    #4
    kikel
    Users Awaiting Email Confirmation Posts: 2,584 ✭✭✭kikel


    i started saving in the CU three months before i bought a house. saved 2K in that time and lodge 1K. There was no problem getting the loan for 6K. The manager told me 2K would do.


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    #5
    gom
    Registered Users Posts: 344 ✭✭gom


    I was instilled with a sense of worship for the Credit Union by my mother. Mostly down to the fact that it really helped her when she ended up kickin' my auld man out. Went to join a Credit Union in Blackrock as it seemed to have a better rate for loans than my local one in Dundrum. The CU in Blackrock told me to go join Dundrum and that they would not let me join Blackrock as I wasn't a local?

    This sort of discrimination is not very community central. Just because I live nearer Dundrum credit union than Blackrock does not mean that I should be forced to use the Credit Union nearest to me. I never even go into the centre of Dundrum if only to use the Luas station to get the hell out of there...

    Decided to go down to Dundrum and join up then. Discovered that their rates are huge in comparison to Blackrock's and that they are far more reluctant to give loans than the one on Blackrock. It seems that Credit Unions have absolutely no ability to pool their resources/.... The sooner the EU and ECB shut that lot down the better


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    #6
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    gom wrote:
    ...that they would not let me join Blackrock as I wasn't a local?

    This sort of discrimination is not very community central. Just because I live nearer Dundrum credit union than Blackrock does not mean that I should be forced to use the Credit Union nearest to me. I never even go into the centre of Dundrum if only to use the Luas station to get the hell out of there...
    The 'discrimination' as you incorrectly call it, is absolutely community centred. The entire credit union movement (Ireland & worldwide) revolves around the principle of a 'common bond' amongst the members. See here for more details of how the bond works. The common bond for Dundrum CU is fairly broad;
    We accept new members of all ages from our surrounding areas (our Common Bond), including Dundrum, Ballinteer, Churchtown, Kilternan, Sandyford, and Glencullen. People working in the surrounding areas are also eligible to join Dundrum Credit Union.

    For the record, Dundrum CU has two outlying branches (Ballinteer & Sandyford Ind Est), accepts deposit by electronic transfer, opens late on a Friday & Saturday mornings. You can even request a loan by phone or online. So the only time you'll need to actually visit the branch is to open your account (and that is a requirement of any financial institution for money laundering regulations).
    gom wrote:
    Decided to go down to Dundrum and join up then. Discovered that their rates are huge in comparison to Blackrock's and that they are far more reluctant to give loans than the one on Blackrock. It seems that Credit Unions have absolutely no ability to pool their resources/.... The sooner the EU and ECB shut that lot down the better
    What have you been smoking? The Dundrum loan policy is set by the Dundrum committee which is elected by the Dundrum members. Why the hell should it be changed just because you come along? Why do you criticise them for not pooling their resource? What difference would this make to you? If you want a bank that has a branch in every area, try AIB/BOI/NIB/PTSB/UB. Why in the name of all things sacred would you call for 'that lot' to be shut down? If you don't like their service, go elsewhere and leave the many, many happy customers to go about their business.

    Credit unions aren't perfect. I have particular concerns about the lack of clarity around their APR calculations where the requirement for compusory savings is not built into the APR. It makes no financial sense to have money on deposit with them while paying interest on your loans. But your vague criticisms (which seem to be a result of them refusing you a loan) are way over the top.


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