Best reason for loan from Credit Union

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DiGiTaL

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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
 
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 :) .
 
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
Click to expand...

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
 
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.
 
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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