credit union loans

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marie k Posts: 30
hey girls just i quick question for you .... i need to take out a CU LOAN for the wedding €20,000 approx - huge amount i know! anyone know what sort of savings i need to have in there to get this amount?
FlexyDee Posts: 4904
It's normally 10% :)
BlossomHill Posts: 2169
I think it depends on the credit union. Mine only lets you borrow 4 times your savings and you have to be saving for over 6 months.
MrsWorldcupbride Posts: 268
There have been a couple of threads on credit unions lately.......... I know my own credit union will lend 4 times your savings and you have to have been saving[b:2ezqt0uh] regularly[/b:2ezqt0uh] for at least 6 months. I think they're cracking down on people though as my fiance put in for a loan a couple of weeks ago and even though he's been borrowing and repaying for over 10 years they gave him the 3rd degree this time round!! Thank god they gave it to him though!!!! :o)ll :o)ll
lstars Posts: 1199
[quote="worldcupbride":288gg7le]There have been a couple of threads on credit unions lately.......... I know my own credit union will lend 4 times your savings and you have to have been saving[b:288gg7le] [u:288gg7le][color=#4040FF:288gg7le]regularly[/color:288gg7le][/u:288gg7le][/b:288gg7le] for at least 6 months. I think they're cracking down on people though as my fiance put in for a loan a couple of weeks ago and even though he's been borrowing and repaying for over 10 years they gave him the 3rd degree this time round!! Thank god they gave it to him though!!!! :o)ll :o)ll[/quote:288gg7le] this may sound silly, but what do you mean by regular? we opened a cu at end of last year, hope to get i guess this time next year. we would prob lodge bout once a month. would it be better to pop in weekly?
IvytheTerrible Posts: 950
I have typed two replies and they have got lost in cyberspace >:o( Istars I think once a month is fine as long, as long as you are lodging money and leaving it build up. If you ever need to pay a bill or foreign exchange or something, it might be no harm to use the CU for it, just to show you are in and out reguarly. Each CU is separate and the rules for loans will vary from CU to CU but it's normally around 3.5 times your savings but this isn't always set in stone, sometimes they will stretch it further if the loan is small, other times they will pull back the rule if the amount is large or request somebody go guarantor for you. I think for safety you would need a good 7k in your account but TBH if you have not been saving or paying back small loans with them for years, I think 20k on a first loan is stretching it a bit. When do you need it for? If you have time on your side, use it to pay off credit cards or car loans because your ability for repayments will be a big issue for the credit committee on a loan of this size.
lstars Posts: 1199
[quote="Ivy the Terrible":1e6i1i60]I have typed two replies and they have got lost in cyberspace >:o( Istars I think once a month is fine as long, as long as you are lodging money and leaving it build up. If you ever need to pay a bill or foreign exchange or something, it might be no harm to use the CU for it, just to show you are in and out reguarly.[/quote:1e6i1i60] thanks hon! O-O
madhairday Posts: 1116
[quote="lstars":2dlxb9tm][quote="worldcupbride":2dlxb9tm]There have been a couple of threads on credit unions lately.......... I know my own credit union will lend 4 times your savings and you have to have been saving[b:2dlxb9tm] [u:2dlxb9tm][color=#4040FF:2dlxb9tm]regularly[/color:2dlxb9tm][/u:2dlxb9tm][/b:2dlxb9tm] for at least 6 months. I think they're cracking down on people though as my fiance put in for a loan a couple of weeks ago and even though he's been borrowing and repaying for over 10 years they gave him the 3rd degree this time round!! Thank god they gave it to him though!!!! :o)ll :o)ll[/quote:2dlxb9tm] this may sound silly, but what do you mean by regular? we opened a cu at end of last year, hope to get i guess this time next year. we would prob lodge bout once a month. would it be better to pop in weekly?[/quote:2dlxb9tm] if you would end up saving the same amount it would still be regular. what i mean is if you aim to save 300 each month it should make no difference if you split it over 4 weeks or went in at the end of the month and lodged the 300
madhairday Posts: 1116
some one on one of the other cu questions gave a good run down of rules and regulations think the name is blank now as it went off on another tangent :o)ll
Kaycee Posts: 2107
[quote="marie k ":o24pfpmy]hey girls just i quick question for you .... i need to take out a CU LOAN for the wedding €20,000 approx - huge amount i know! anyone know what sort of savings i need to have in there to get this amount?[/quote:o24pfpmy] i'd agree with 4-5 times what you have in but thats a big generalisation, it will also depend how long you've been a member or how long you've been saving etc and you're own financial situation, the credit union will look very dubiously about taking that figure for a wedding as far as I know