# Best reason for loan from Credit Union



## DiGiTaL (30 Apr 2010)

Just wondering what the best reason to use for getting a loan from the credit union is. I have a good credit rating with the banks and save regularly with the credit union. Need about €8000 to build a new shed but just wondering is this the best reason to give for needing a loan. If not what is the best reason to use.

Many thanks


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## niceoneted (30 Apr 2010)

Honesty is the best policy. building the shed is as good a reason as any.


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## ziltwo (30 Apr 2010)

I have said now and again....house improvements.... it covers a lot.

zil


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## mathepac (30 Apr 2010)

Why do people need to display their "creativity with the truth" (aka dishonesty or lying) when applying for loans? I agree with what niceoneted points out above  and besides, there are very limited openings these days for careers as politicians, EAs, PRs or bankers  .


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## Slim (1 May 2010)

DiGiTaL said:


> Just wondering what the best reason to use for getting a loan from the credit union is. I have a good credit rating with the banks and save regularly with the credit union. Need about €8000 to build a new shed but just wondering is this the best reason to give for needing a loan. If not what is the best reason to use.
> 
> Many thanks


 
CUs really like 'home improvements' as a prudential reason for a loan as opposed to 'going on hols to Thailand' but it is really not that important if you are in good standing. You can borrow for any 'prudent' purpose.
 Slim


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## big bird (1 May 2010)

In my CU if you want a loan for a holiday you have to pay it back in 1 year. If you say you need it for home improvements you have a longer repayment option, so probably why people are more economical with the truth.


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## Renter27 (3 May 2010)

Yes I also find the credit union more flexible with home improvement loans , also the benefit of their loans is if you wish to adjust payments or repay early it can be done without any penalties .


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