Credit Union Loans (1 Viewer)

[mr pharmacist!!!!1]

whats the deal with borrowing from your local credit union?

ive heard varying reports, some say you can borrow twice the amount you have, some say three times the amount you have...

 

[theweeyin]

I too would like some info on this. Apparently it's a bit of a sweet deal...

 

[Doctor Muscles]

I think the first loan is twice what you have saved, and all loans after that can be up to three times the amount.

 

[Wilbert]

Lurlow, he speak the truth.
I think you have to save for six months before you can borrow anything.

 

[It Will Never Last]

I think the first loan is twice what you have saved, and all loans after that can be up to three times the amount.

Thats close enough.

Basically, they'll automatically approve the above (or close enough to it) but you can borrow more, you just have your application assessed by the credit committee. I think the max they'll lend you is 10xshares.

 

[krystal]

I've gone off the credit union, their rates of interest are extortionate these days. I know, I know you still have your lump sum left in there and all, which is good but the rates really put me off.
Tesco loan, 7.5%, is what I am currently paying my credit card off with.

 

[Break Neck Speed]

You dont have to save for 6 months and all that jazz. Two of my mates just lodged a weeks wages and said i want a loan for a car. They just had to prove their income with pay slips ect and they got 1000's two days later. Your savings are frozen when you get the loan. Credit unions rock. I wish they did mortgages.

 

[broken arm]

Tesco loan, 7.5%, is what I am currently paying my credit card off with.

seriously?

I just obliterated my savings by pying off my credit card in one go.

was that a bad idea?

 

[tripoli]

credit cards are bad. now you don't owe anything on it so i say it was a good idea!

seriously?

I just obliterated my savings by pying off my credit card in one go.

was that a bad idea?

 

[broken arm]

credit cards are bad. now you don't owe anything on it so i say it was a good idea!

yea

 

[broken arm]

credit cards are bad. now you don't owe anything on it so i say it was a good idea!

yea but now I can't buy my camper van because I have no money.

 

[krystal]

yeah I do it once a year, get out a loan, pay it off, slowly start using it etc etc
next year, take out a loan etc etc etc
and I had no savings I can get at or I would have done same.

seriously?

I just obliterated my savings by pying off my credit card in one go.

was that a bad idea?

 

[Con]

credit union loans are great. It's like getting a loan off your granny.

 

[krystal]

and paying her 11%

credit union loans are great. It's like getting a loan off your granny.

 

[It Will Never Last]

Your savings are frozen when you get the loan.

Your shares are frozen, if you have a seperate savings account thats fair game.

Credit unions serve their purpose. If you're in good financial shape, you're better off going to a bank cos they'll do you a better % rate, but they'll be less forgiving if you fuck up.

The vast majority of credit unions aren't in the Irish Credit Bureau which is great for allowing you to borrow money without your bank or other lenders being able to find out at a later date. Thats how I got some of the money for the deposit on my house.

Some credit unions do special % rates for specific reasons (i.e. a car, or towards a house purchase). I'm paying 7.5% on my home loan.

 

[It Will Never Last]

I just obliterated my savings by pying off my credit card in one go.

was that a bad idea?

It was a great idea.

At most, you ere earning about 3.5% on the savings (and thats if you had it in a special savings account, and not just sitting in your bank account earning tuppence a decade) but were paying between 10 and 19% on your credit card debt, depending on who you're with. Madness!

Even if you were to borrow enough for your camper van from the bank, you'd still be paying an % rate that's less than the credit card rate. Result.

 

[mr pharmacist!!!!1]

so in answer to my original post is i can just hop skip and fall into the doors of my credit union and borrow twice the amount ive saved.
none of this having to have saved for 6 months baloney.

 

[pete]

and paying her 11%

on a reducing balance

 

[pete]

Your shares are frozen,

only up to the amount of your loan

 

[pete]

so in answer to my original post is i can just hop skip and fall into the doors of my credit union and borrow twice the amount ive saved.
none of this having to have saved for 6 months baloney.

it depends on the individual branch.