How to play a double approval?

I went shopping for a €48k loan last week from the Credit Union (new member, no history) and from AIB (mortgage, but no bank account with them). I got approved for €20k from Credit Union @ 7.75% and €48k @ 9.6%.

Should I take both and immediately pay off €20k of AIB, or just reapply for €28k with AIB? Either way I'll have two loans at different rates, but is there any particular benefit to either approach?

Thanks!

I'd just re-apply for 28K from the bank. No benefit from this but there may be disadvantages to doing it the other way.. including perhaps lying to the credit union as to the purpose of the loan (i.e now repaying a loan rather than the original purpose)... second problem might be fees in paying off a lump sum from the bank loan.


Is the credit union breaking its own rules by advancing you a loan? Normally you'd need a history and savings in order to be considered.

Sounds funny that the credit union would hand over such a vast amount of money to a "new member" with no savings. I thought you had to build up a savings account with them first. No wonder they are in trouble.