# Possibility of getting a 2k loan from the credit union after joining?



## Lucashood (27 Jan 2017)

I have left myself short for my holiday in March and was wondering if there would be any possibility of getting a 2k loan from the credit union within the next 6 weeks? My main problem is that I'm not an actual member of any credit union. I have a good job and I am in permanent employment and can play the loan back no problem, I have used the Money Lender Provident a few times in the past but I would prefer to go with the credit union if there were any possibility so I could avoid the massive interest rates . I could transfer 3k in February in they would loan me 5k


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## Monbretia (27 Jan 2017)

You won't know until you ask, lending policies vary and I have seen lending done straight away for new applicants but not for reasons like a holiday, that would not be considered usually as a reason to make an exception to lending policy as it's discretionary spending and in no way urgent.   Compared for example to someone needing funding for dental expenses or a need for a car to travel to work.


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## cremeegg (27 Jan 2017)

If you have €3k to transfer in, why don't you open €2k (or less, €2k is a lot to spend on a holiday if money is tight) of that on your holiday and put €1k in the CU.


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## Slim (27 Jan 2017)

From personal experience, Credit Unions look askance on new members who immediately seek a loan in excess of their savings. CU is all about establishing a track record of saving. Regarding Cremeegg's question, I imagine the 3k needs to be put back from where it was obtained for the purpose of lodging to CU?


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## Bronte (27 Jan 2017)

Lucashood said:


> I have left myself short for my holiday in March and was wondering if there would be any possibility of getting a 2k loan from the credit union within the next 6 weeks?  I have a good job and I am in permanent employment and can play the loan back no problem, I have used the Money Lender Provident a few times in the past but I would prefer to go with the credit union if there were any possibility so I could avoid the massive interest rates . I could transfer 3k in February in they would loan me 5k



A few things strike me.  Odd you've a good job but don't have the money for the holiday.  The fact you've borrowed, frequently? with Money Provident is ringing alarm bells here, what are they and why would one need to use them, frequently, I hope they are not a 'pay day loan' type operation?   What is 'massive' in relation to interest rates.

5K seems an extraordinary amount to borrow for a holiday.  Is this one person? I'm just presuming it can't be a family as it's March.

I can't see how a CU will give you a loan, immediately, the point of them is to teach people to save sensibly and to borrow sensibly.

How did it come about that you left yourself short for this holiday?

And welcome to AAM.


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## dereko1969 (27 Jan 2017)

Going by your other thread you do actually have more or less the means to save this money yourself over the next 6 weeks, you have to take ownership of your own spending and just stop spending on rubbish for the next 6 weeks and you'll have the 2k no problem.

Stop eating out, start making lunches and dinners and don't go out drinking for the next 6 weeks and you'll easily have the 2k.

http://www.askaboutmoney.com/thread...nd-live-from-pay-cheque-to-pay-cheque.202304/


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## gnf_ireland (27 Jan 2017)

Agree here with all of the above. I really do wonder where you are doing in March for a holiday that requires in the region of 5k? 

I think you need to remove the silly expenditure between now and then, and that includes staying in this weekend, and putting the money away for the holiday. Then spend what you have saved and no more

What do I think will happen honestly - the OP will go to Provident again ! Please prove me wrong OP !


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## MrEarl (27 Jan 2017)

Open a credit union account immediately, set up a regular standing order and start building a relationship with them....

Even if you can't get the loan you want this time (and I think you might actually have a chance, if you open the account now and start saving, given them details of your salary etc.), they will serve you well in the future and won't be charigng anything like what you've been paying to Provident.

Why are you dealing with Provident in the first place, have you had problems with credit in the past ? .. even if so, the credit unon will look beyond your past, it's about people helping people so they will happily give you a chance to start rebuilding your credit record with them.

By the way, I just looked at Provident's website (here) and at first glance, it looks like they are charging an APR of 187% ... that is almost 15 times more than the Credit Union charge based on their standard rate, not alone any discounted or promotional loan rates they might have !


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## demoivre (27 Jan 2017)

Why don't you apply to your regular bank where you have your current account? Credit unions are to be avoided imo. as, unlike a CU, your regular bank more than likely won't look for security .


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## Billo (27 Jan 2017)

Skip the holiday until you can manage your finances properly


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## emeralds (27 Jan 2017)

The CU will look for payslips and bank statements. When they see your income and then your outgoings I think they may decline you for a loan.


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## PaddyBloggit (27 Jan 2017)

You've a good wage.

You're spending too much on the 'good life' at the moment. You should easily save the €2k before the end of February if you put your mind to it.

At 38, you're at an ideal age in life where you can get your finances in order. Don't forget to sort money for the long term i.e. pension options.

Saving is a a lot easier than you think (when you have the means) ... it's just getting that state of mind right.

I'd still be asking what I said on your other thread ....  _*I'd also be examining what "I drink quite alot" means.
*_
Apart from any other issues from this, it's quite an expensive habit to have.

For your own financial peace of mind you should also fill in a Money Makeover template and see what other suggestions people can come up with for you.

Open a new thread in the Money Makeover thread using Brendan's template:

http://www.askaboutmoney.com/threads/basic-information-required-for-the-money-makeover-forum.61289/


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## MrEarl (13 Feb 2017)

Billo said:


> Skip the holiday until you can manage your finances properly



Looks like you scared him off with that one ...


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