Glasgow Credit Union

stutra

Hi all,

Just wondering if anyone had been accepted for a loan from GCU. I've applied online for £2000 over 2 years. My credit rating isnt bad but cant get a loan anywhere else probably due to not having enough credit rather than a bad rating. Anyone know how likely you are to be accepted etc as really that is what they are there for.

Thanks
Stuart

[Deleted User]

Have you saved with them at all?most CU`s expect you to be a member and save with them for upto 6 months before considering you for a loan

stutra

I have only saved with them about a month and a half. But when I joined I asked about the requierments for loans and they said you need to have saved the amount of 1 months payment for the loan. Which I have, plus I will be putting in about £90 more a month that my monthly payment, surely there shouldnt be a problem getting accepted?

stutra

I never said that I simply stuck £90 in an account. I'm paying in £45 a week and the monthly payments for the loan is £93 and as far as I'm aware they take it from your savings so I will be comfortably affording every month whilst still saving money. That clearer??

Hax

It's all well and good you saying that you're going to be putting in that amount - but it's an empty promise as far as the lender is concerned as you have little history with them - six weeks isn't a very long time.

stutra

Well we will see what the say when they contact me.

opinions4u

stutra wrote: »

I never said that I simply stuck £90 in an account. I'm paying in £45 a week and the monthly payments for the loan is £93 and as far as I'm aware they take it from your savings so I will be comfortably affording every month whilst still saving money. That clearer??

Why are you getting so upset with me?

I'll reword if you like. Paying £180 in to an account will not guarantee you a loan. You may well get the loan, you may not, but if it was as simple as just being a depositor, then every low-life in the great city of Glasgow would deposit a few quid, borrow a few thousand and then disappear never to be seen again.

A reasonable disposable income does not automatically mean a commitment to repay a loan. That's why lenders look at a much wider range of factors.

Sorry if you don't like somebody stating a fact.

Hopefully you will be accepted and it won't be an issue. But simply having an account is not on its own going to ensure you can borrow what you want.

stutra

I understand that, but I don't think every low life in Glasgow has a good job etc. Surely they take that into consideration? Sorry if I came across annoyed there but I wasn't.

delerium

I have been using the Glasgow credit Union for about 2.5 years now. They were suggested to me for a mortgage because I have had a bad credit history in the past.

My first loan with them was £200 that was all they would let me have until I built up a history with them but again I had a bad history prior to this.

I was agreed on a mortgage approximately 2 months after I had started saving with them.

If you pay in by salary sacrifice they may look more favourably on a larger first loan but I pay in by dd every month.

Can't fault them as it is all based on ability to pay not on mistakes of the past.

LMCD

I have a credit union but not thru GCU, another one in Glasgow...its all based on your amount of shares and affordability to pay back, used to be they never asked for anything on a loan now the latest loan I had to provide bank statements and they ask you everything but this is each to their own...but they don't look at your credit history its all on a merit within their own system.

Maybe if you are tryin to build up credit though you could do a small credit card like capital one too ? just gets you the chance to 'prove' yourself to commercial lenders but really the credit union give you better interest rates too.

LMCD

stutra wrote: »

I never said that I simply stuck £90 in an account. I'm paying in £45 a week and the monthly payments for the loan is £93 and as far as I'm aware they take it from your savings so I will be comfortably affording every month whilst still saving money. That clearer??

you are borrowing against your shares (your security) paying it will go to loan account and they ask that you contribute to your shares also even if its a squid.