Cu loan/unemployed

L

lorraine kk

Registered User
Messages
18
Hi question is ive been saving some cash since last oct with credit union,i then took it out around april,but have been saving a great deal with them the last 12 weeks or maybe a bit more,im living at home with parents and dont have any over heads,would i get a loan been unemployed,its not a great deal off cash,i think ive 700 in it so what could i borrow if allowed,2 times that??

cheers
lkk
 
Seeing as it's such a small amount could you not save for the next three months and have ready cash to pay for whatever you are looking for ? Remember CU rates are quite high interest. Paying back double the amount on what you are borrowing will take 6 months if you take the loan and repay at current rate. The interest will be roughly 15% of 1400 = 210 but halved due to six months = 105. Basically if you continue saving and wait three months you will save €105.

Note: My figures are estimates so some CU's may charge a higher rate of interest
 
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