r/irishpersonalfinance • u/Salty-Smoke7301 • 1d ago

Banking Credit union loan

Hi All, I have about €250 in my credit union. I’m looking to get a loan for a holiday in the region of €1200. Are they generally strict on how taking out more than three times what you have in there? The fact it’s for a holiday would that work against me? TIA

3 Upvotes

57% Upvoted

41 comments sorted by

•

u/AutoModerator 1d ago

Hi /u/Salty-Smoke7301,

Have you seen our flowchart?

Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

66

u/Alternative-Jelly947 1d ago

A loan for a holiday?

The boom years are back!

-21

u/Salty-Smoke7301 1d ago

I know. I just need sun badly!

-24

u/orionpace1 1d ago

Well unfortunately you didn't work and save hard enough to enjoy one.

Don't beg credit for luxuries. If you can't follow and understand why this basic rule is so important for your whole life, you're doomed.

6

u/Novadonna24 19h ago

Who pissed in your Cornflakes?! Life happens, sometimes you need a holiday.

2

u/orionpace1 17h ago

Someone wants to get in debt to go on holidays and everyone thinks it's a great idea and hates hearing that rewards are earned not inherently deserved. Wants to harm their future self to reward themselves.

Life happens, this lad will be getting a lot of life happening to him with that attitude.

2

u/Fun-Associate-8725 9h ago

Such a fun sponge 1k loan from the credit union over a year 88euro a month 1057 paid back

0

u/Salty-Smoke7301 18h ago

Thank you. It’s been a long hard year!

1

u/Fun-Associate-8725 10h ago

Id say you be fine they just freeze your money you put in till their paid back

1

u/Salty-Smoke7301 10h ago

Thanks , that’s good to know

-11

u/Vast_Percentage1537 20h ago

Take the holiday OP. Everyone needs a break.

3

u/Cars2Beans0 10h ago

Might be good personal advice, but this is surely not good financial advice 😂

OP how does a nice long weekend in Galway sound instead?

5

u/Vast_Percentage1537 10h ago

Probably cost just as much and without the sun.

-6

u/Salty-Smoke7301 18h ago

Thank you 😀

9

u/Annual_Support6372 1d ago

Did you check your bank rates aswell ? Might be easier to get it wherever your wages go in

3

u/Lana9177 1d ago

Waa just going to say AIB I applied for a 2k loan a few months ago on the app and was approved in minutes

0

u/Salty-Smoke7301 1d ago

I tried the bank before and I gave up after 3 weeks, it seemed to take ages

3

u/Annual_Support6372 1d ago

Really. I used to work in AIB and we did them really quick

2

u/Salty-Smoke7301 1d ago

I wonder was I a bad candidate or they were very busy

2

u/Annual_Support6372 1d ago

Did you do it via the app ?

6

u/bennyboocumberbitch 1d ago

I got a student loan (5K) at life cu and had -35€ in my account the week before I applied. All credit unions are super nice I’d just call and ask

2

u/Salty-Smoke7301 1d ago

Thank you. I’d try and see what happens

3

u/invisiblegreene 1d ago

Do you have regular employment income being lodged into your credit union? That will make a big difference on a loan decision.

1

u/Salty-Smoke7301 1d ago

I have a full time permanent job. I have been lodging 50 a month in to my CU acc for the last 5 months

11

u/Fair-Dress703 1d ago

Yeah, can't see any problem with them issuing you a loan. Personally I would never say a loan is for a holiday though.

3

u/Salty-Smoke7301 1d ago

Thanks , I did think saying it’s was for a holiday wasn’t great

2

u/Fair-Dress703 1d ago

In fairness they do give the option to request holiday loans and they'd very likely still give it to you even if you did select that option.

I'd say it's for car repairs or something, but might just be me.

2

u/Eevee526 1d ago

It’s not really a lot for them to go on in giving you a loan. You’re saving basically just over a tenner a week and asking for 120 times that in a loan. You’d probably only be granted a shares match with only 5 lodgements. You said in another post the bank takes too long but if you have an online account it should be an instant decision

0

u/Salty-Smoke7301 1d ago

Maybe I was bad candidate for the bank loan.

5

u/Eevee526 1d ago

You still get an instant answer, yes or no

3

u/hollser123 1d ago

You can get at least 3 top up loans per year from the credit union once you meet the affordability criteria

6

u/suafdrog87 1d ago

Ive used revolut loans a few times. Quick and painless to do. Coukd be worth looking at. I know the cu used to tie up your savings until it got to the balance of your loan which could be a problem if an issue comes up

1

u/Salty-Smoke7301 1d ago

Didn’t know that about the CU, thanks

1

u/BillyMooney 1d ago

The 3x rule is long gone. It's all about your ability to repay.

1

u/hanloj1 1d ago

Apply for the loan, there'll let you know quickly once you've all the paperwork submitted

0

u/Melodic-County8078 19h ago

We just got a loan of 38.5k on top of a 16k loan (seems mad I know, but we now have two good vehicles under us - we can't manage with 1 living in rural Ireland). I work part time, hubby full time. We have around 2k in savings only. They just looked at our ability to repay and signed it off. Once they had all the documents only took a day for the loan officer to do his / her thing.

Enjoy your holiday!!

4

u/Maximum-Article-4961 16h ago

The boom is back

2

u/Melodic-County8078 11h ago

I wish, but having broken down on my way home from work to collect my kids, struggling to get them collected / minded by people until I could get the hour home, we decided we needed to upgrade. My old car was only 5 years old but had let me down once and we didn't want to risk it again.

Hubby's jeep had over 400k miles on it and was literally falling apart. 🙈

Repayments are less than if we got one car on pcp and we actually own the cars.