Loan query with credit union.

M

Magilla

Registered User
Messages
12
We have over 20,000 in savings. We haven’t had a loan in years. Last week we went in to borrow 5,000 and we’re told we would have to wait until later this week to apply.This used never be the case where shares were in excess.

Is this standard now?
 
Normally credit unions have a loan committee that have to approve all loans.

Maybe they only meet once a week?

If a few days makes so much of a difference, can you not withdraw some of your savings?
 
Why do you want to borrow money (and pay interest) instead of using the savings you have being eaten by inflation and earning little to no interest?
 
We did withdraw the money. The loan was likely to be paid back fairly quickly so we preferred to leave our savings for the rainy day. Just confused as to why the previous common sense approach has been ditched. We could get an online bank loan without the drama. Not sure there’s any point in staying in the CU.
 
I am involved in Cu and op is definitely not how we operate.
A secured loan would be automatically approved upon proof of repayment capacity as per Aml.
But personally would not take out a secured loan.
 
Thanks. We have no other loans (including mortgage) and combined salaries of more than 120,000. But we never got that far at the counter as the lady made it quite clear we had to go to the credit committee. Pointless really.
 
Magilla said:
We did withdraw the money. The loan was likely to be paid back fairly quickly so we preferred to leave our savings for the rainy day. Just confused as to why the previous common sense approach has been ditched. We could get an online bank loan without the drama. Not sure there’s any point in staying in the CU.
Click to expand...
Still mad paying any money in interest when you have the money to spend!
 
Had the opposite recently.
My son tried to lodge the cheque for his share of my late mother's estate and they couldn't take it.
Had to wait until the merger with some other CUs in the wider area went through before they would accept lodgements of more that a couple of hundred euros.
 
You must log in or register to reply here.
Back
Top