View Full Version : Anyone have experience with taking a loan through your credit union?


sarahsweets
06-16-17, 08:23 AM
Well we saved our house but need a small amount to catch up on other things so we can start from zero and maintain our budget. When you look at income brought in, there is enough to pay our bills with a little bit left over but we have been behind for so long we are always having to make large payments and never seem to zero it out.
I figured we need about 5000$ to pay bills and buy a new stove because our oven went. Husband works for Princeton University and they have an amazimg credit union and they would take the monthly payments right out of his paycheck.
Does anyone know if credit is an issue since they will be deducting money every pay period? Its not like we have to make a promise to pay, they will have access to his pay before it even hits our account.

I thought about trying to borrow from retirement but he is not vested yet and the penalities are severe.

Anyone have any advice? We need to do it soon or we will be up the creek.
Our credit is poor due to the issue with the house and mortgage company.
Any advice?
xxxooo

psychopathetic
06-16-17, 08:37 AM
I've had a loan out with my credit union for many years now...and absolutely love it!
They've been super amazing with me...letting me extend the loan every year or 2 (just did so a week ago in fact!).

My credit is messed up again right now, but in the past when my credit was stable, having a loan out through them actually helped me. It strengthened my score. I have never missed a single payment though (I do what you're going to do...have them take the monthly payment out each month automatically).

They've also helped me a couple of times to pay off debt that had been turned over to debt collectors so I could start to fix my low credit.

...
I say go for it! The worst that can happen is they'll say no to you. Do you have anyone who could/would co-sign for you that has decent credit? That might be something to discuss, but only after they've denied you.
But honestly, from my experience as someone who's had a VERY shaky poor credit history, credit unions are awesome places to take loans out. I really feel like they've went well out of their way to work with me over the years.
It sucks to be in debt...and paying a lot of interests on things sucks...but this is actually a loan I honestly like to have. I'm completely okay with giving so much in interest to the bank (my initial interest on the loan was pretty low...but each time I've added on to the loan, they've increased it. I'm now up to 14%.../eeek!).

Sorry for the long winded ramble.
I hasn't had ADDForums in like 5 whole days now though! I'm having withdrawals!! lol

Little Missy
06-16-17, 09:01 AM
it is best to go with a credit union unless there is a small locally owned bank like the banks here are owned by the ranchers but I can't imagine a locally owned bank there where you live.

credit union for sure. :)

DJ Bill
06-16-17, 10:07 AM
It sounds like the thing to do in your situation if you can't sell anything to catch up. (Dame Ramsey follower here).. I would warn that you will need to put your credit cards somewhere you can't reach them right now....Canceling them hurts your credit, but having a small balance helps you.

Congrats on saving your house...I'm still working at my imminent foreclosure...but I think I'll make it before I lose the place to back taxes.

sarahsweets
06-16-17, 02:44 PM
Well to elaborate- we do not have any unsecured debt. No credit cards, no student loans, no car payments. We try to buy things outright so we dont have debt. This would be for overdue bills like the water bill, energy and small bills to wipe out. So thats kind of a good thing right? I guess Im wondering if the credit union is more willing to look past credit issues due to my husband being employed by the university that runs it and overlook things because the payments would automatically come out of his pay?

sarahsweets
06-16-17, 02:46 PM
I've had a loan out with my credit union for many years now...and absolutely love it!
They've been super amazing with me...letting me extend the loan every year or 2 (just did so a week ago in fact!).

My credit is messed up again right now, but in the past when my credit was stable, having a loan out through them actually helped me. It strengthened my score. I have never missed a single payment though (I do what you're going to do...have them take the monthly payment out each month automatically).

They've also helped me a couple of times to pay off debt that had been turned over to debt collectors so I could start to fix my low credit.

...
I say go for it! The worst that can happen is they'll say no to you. Do you have anyone who could/would co-sign for you that has decent credit? That might be something to discuss, but only after they've denied you.
But honestly, from my experience as someone who's had a VERY shaky poor credit history, credit unions are awesome places to take loans out. I really feel like they've went well out of their way to work with me over the years.
It sucks to be in debt...and paying a lot of interests on things sucks...but this is actually a loan I honestly like to have. I'm completely okay with giving so much in interest to the bank (my initial interest on the loan was pretty low...but each time I've added on to the loan, they've increased it. I'm now up to 14%.../eeek!).

Sorry for the long winded ramble.
I hasn't had ADDForums in like 5 whole days now though! I'm having withdrawals!! lol

Since we do not have any unsecured debt like credit cards, no car payments, not student loans BUT have sh*tty credit due to other stuff, do you think they would still likely give us a loan? I dont know what their denial process or criteria would be.

ginniebean
06-16-17, 03:11 PM
I'd just say it's for home improvement rather than catching up with monthly bills. Mind you I have never had a loan.

acdc01
06-16-17, 09:11 PM
Helped my parents get a loan once. They knew my mom wouldn't qualify on her own so we had to list both parents name. But they told us this pretty much right away without even processing anything.

So no harm talking to them and trying. Nothing to lose but a little time.