rainnerman1
Registered User
- Messages
- 5
never had a loan there before, I have full time job.
some people says they usually gives to the person 4x more what they have in the CU account.
Some of the info being given here is unhelpful or plainly inaccurate. It really depends on the credit union. In the same way AIB will have different lending rules to BOI because they're two different institutions, each CU will have a different approach to others.
My experience is that most have moved away from the archaic multiples of savings model since they have far more robust underwriting processes. Lending is based primarily on capacity to repay so many credit unions will be more than happy to give you a loan on day one even with limited savings once you can satisfactorily demonstrate your ability to repay.
There are still some old school ones about but just apply and see how it goes.
As can be seen here different credit unions apply different criteria. Public service credit unions and semi state ones such as ESB Aer Lingus etc are probably a bit more flexible because they can arrange repayments to be taken from wages whereas parish credit unions are relying on payment at the counter or through bank deduction
I wonder can anyone help me out? If I borrow 70000 euro over 24 months and the cost of the loan is 3512 euro, what is the rate of interest I would be charged?
Thank you, but I want to know if I borrow 70000 euro and pay back 73512 over 24 months, what is the interest rate?
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