Credit Union and bank loan

[Liam Fraizer]

Hi im just wondering if anyone could help me i got a loan from bank before xmas of 4000 i have have been paying back 30 a week having missed a payment but im now looking for a credit union loan off 2000 for holiday in the summer i have 1000 in my shares at the moment what is the chances getting a loan from credit union while having a bank loan or would they know about it?

 

[wysiwyg]

99% of loans are visible now, as the Banks and Credit Unions register the loan on the Irish Credit Bureau. Your CU won't mind that your have another loan as long as you can repay both and have enough to live on. The money in your shares will not be the main reason for getting a CU loan. Its the amount of income you have and the monthly repayments, and then the amount you are left to live on. You will need to be able to answer the questions "Why did you borrow 4000 a couple of months ago, & do you believe its realistic to borrow 2k for a holiday. Why not borrow 1200 and take 800 from shares/savings"

 

[vandriver]

If you couldn't come up with €30 and had to miss a payment,what gives you the confidence that you will meet all the repayments on the new loan as well?
Also,the 2 grand (!) you need for a holiday,is this going to be a one year loan?