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Getting A Loan From The Credit Union?
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Legacy_user
Posts: 0 Newbie
in Loans
I'm going to get a loan out of the credit union next week, Well I hope I am;) I have £400 in savings and I think they give 3 times the amount, I want £1000, do they always give you the loan? IE is there a chance of getting turned down? Also what method do they pay you the loan IE do they give you cash or a cheque?
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Hi there
Just happen to see your thread. Normally the first loan is one and a half times your savings.Then they work out how much savings you have/payment record/and ability to meet the repayments. Cannot comment on cash or cheque
Regards0 -
Credit Unions are all run differently. One may say you must save for three months before asking for a loan, another might only allow you to borrow up to three times what you've already saved with them. You need to check with your local one to find out what their rules are.0
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