# Credit union loan



## darrenhoss (25 Oct 2008)

i wish to take out a loan from my credit union. the purpose of the loan is for home improvements for my parents house. 
i have €8000 savings and wish to borrow €30,000. i currently have no other loans.
could the fact that it is for my parents house affect my chances?
should i have any problem getting the loan if my credit rating is good?


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## paulacadwell (25 Oct 2008)

no you'll have no problem and u may even get in d same day. for ur first loan in ur credit union u can bollow 2.5 times the amount of savings you have


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## ontour (25 Oct 2008)

It is an unsecured loan that you are applying for so it should not make any difference. A credit union will probably look quite favourably on you looking after your parents.
For a loan of 30k that is for home improvements, you should look around at the available rates as the credit union may not be the cheapest. Your parents may be able to get a mortgage that you are guarantor on. This may be cheaper and potentially have tax benefits.


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## paulacadwell (25 Oct 2008)

i thought it was €3000 u were looking to borrow my mistake!


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## Sue Ellen (26 Oct 2008)

paulacadwell said:


> no you'll have no problem and u may even get in d same day. for ur first loan in ur credit union u can bollow 2.5 times the amount of savings you have



Hi Paula,

In line with  please refrain from using text speak.


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## Complainer (26 Oct 2008)

paulacadwell said:


> for ur first loan in ur credit union u can borrow 2.5 times the amount of savings you have


Every credit union is independent, and has their own rules for loan approval. The same rules do not apply all over the country.


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## wysiwyg (27 Oct 2008)

You can phone your Credit Union tomorrow and ask them for an answer in principle. Tell them your monthly income and that you have no loans. Offer to bring in your bank statements to show how you operate your financial affairs. As stated, each Credit Union has its own individual lending policy depending on it's size and culture. Even if it's not the cheapest, remember there are no set up costs and life insurance is included without charge.


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## Mamamia22 (2 Jun 2022)

Anyone any recent experience of a credit union loan application. How easy is it to get a 50k loan. Do you need to have anything on deposit. Asking for someone who is only working part time earning 20k a year.


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## Savvy (3 Jun 2022)

A new post might have been better considering this one is 14 years old !

I would think unless you had hefty savings with them that there is almost no chance of such a large loan with your income.
A 50k loan over 10 years at my local credit union is €145/week repayment . That's €7,500 a year. Making it a huge chunk (around 40% of your pay).


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## Pinoy adventure (3 Jun 2022)

Savvy said:


> A new post might have been better considering this one is 14 years old !
> 
> I would think unless you had hefty savings with them that there is almost no chance of such a large loan with your income.
> A 50k loan over 10 years at my local credit union is €145/week repayment . That's €7,500 a year. Making it a huge chunk (around 40% of your pay).


That’s a large amount of interest the CU would be earning over the 10 years.


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## 24601 (7 Jun 2022)

Pinoy adventure said:


> That’s a large amount of interest the CU would be earning over the 10 years.


That's a large amount of loan principal the credit union could lose by engaging in reckless lending.


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