# Regular savings needed for loan



## Ryan (9 Aug 2013)

I have roughly 2.5k in my local CU but I haven't lodged anything there in a while due to them not paying dividends. I understand that to get a loan you would need to save regularly so could I put in say €20 a month to show I'm saving with them or would I need to save more regularly. The repayments for the loan would be about €30 a week.
I have quite substantial savings in another financial institution so can show this also.


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## peteb (10 Aug 2013)

You already suggested to someone else that they should clear their car loan as they carry a higher interest rate than savings.  So why would the same not apply to you? Why take out a loan when you have substantial savings and the cost of the loan would be higher than the interest you are getting on the savings?!


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