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Thankyou. Would I be able to get aloan in say, June, if I started saving with them now?The credit union would be your best bet I think. You do need a record of saving with them though
Hi there yes - but I am sure you had a loan history with them - the first few loans are usually multiples of what you have saved...i borrowed 12000 from my credit
Thankyou. Would I be able to get aloan in say, June, if I started saving with them now?
Hi there yes - but I am sure you had a loan history with them - the first few loans are usually multiples of what you have saved...
i borrowed 12000 from my credit union with only 500 in savings. you need to make weekly payments equivalent or above what the repayments on the loan would be in order to prove you can afford to repay it. Different credit unions have different rules with regards to how much you can borrow based on savings. Some only give you double some 4 times and some will give you whatever you can afford the repayments for. Shop around and see.
Common bond
Everyone is entitled to become a member of a credit union but must have something in common with fellow members - they must either live or work in the same locality (community bond), work for the same employer (occupational bond) or work in the same occupation (associational bond). You can be a member of more than one credit union if you come within the common bond. If a member ceases to have a common bond (they leave the area or job where the common bond exists), they can continue to save in the credit union and retain their membership and voting rights.
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