Credit Union Loan

[Evoloution]

Looking to do some renovation soon but here is the thing...land is rented land and owner is not in TT.Options are to see financing from an institution that does not require a deed but only costing estimates.

Question: Where to seek financing?

I was looking for info on if Credit Unions do this or any other institution.

If Credit Unions do this

1) Which is the best Credit Union to go with?
2) What is their interest rates?
3) How long do you need to be with them before you borrow

I will appreciate all the info i can get. thanks.

[buzz]

every one varies

call them

[TrEnD$eTt@]

TECU best there is around....1% on the reducing balance..membership by recommendation and board approval.3mths i think before loan reguest but ive heard of people gettin it in a week..

[hydroep]

^^Yep, they're good. Requirements will depend on how much you want and how much money you have with them.

I've taken small loans within the value of my subscribed shares and needed nothing more than a payslip.

[Evoloution]

cool but don't know any TECU members?

What about UWI Credit Union. Being a graduate I can join them. Anyone here can give some insight on their services.

[aR&D]

Looking to do some renovation soon but here is the thing...land is rented land and owner is not in TT.Options are to see financing from an institution that does not require a deed but only costing estimates.

Question: Where to seek financing?

I was looking for info on if Credit Unions do this or any other institution.

If Credit Unions do this

1) Which is the best Credit Union to go with?
2) What is their interest rates?
3) How long do you need to be with them before you borrow

I will appreciate all the info i can get. thanks.

Of course only you will know the financial position you are in, let me however advise you do not commit yourself to any loans at this current economic period. If you must, do it the old fashion way, piece by piece

[13''strong]

is it possible 2 get a loan even though ur payin an existin 1....eg.. i'm payin 1 rite now 4 goin 2 school but i want to buy a car...so jus want 2 no..............thnx.....

[slow323]

it is possible but you will have to declare the existing loan, the credit union will do a check up and then decide

also you will have to prove that you can support payments on both

another suggestion would be that approach the financial institution you have the current loan with and get an extension i.e they lend you more money to purchase the car on the existing loan

finance guys correct me if im wrong

[13''strong]

ok so it is possibility...thnx

[Stephon.]

It is once ur keeping up with ur payments on ur current loan.

[Terran]

Depends largely on your ability to repay. Ask about refinancing so that the two loans can be consolidated into 1 and you repay over a longer period with manageable installments.

[13''strong]

tuners i have a shares account in the credit union ...earlier on this year i took a loan to pay for school but the loan i took was within my shares meaning i literally did not borrow money from the credit union it was my own money ....u should no wat i mean ..i 've been payin them back every monthend for the past 8 months comfortable and due to certain circumstances i could'nt have payed them for both Oct & Nov months in which i believe they will take it out from my shares ...my problem is i want to no if i go in to ask 4 a small some of money again from them if they will allow it or not paying for the 2 months b a major issue
i need to no ASAP PLZZZZZZZ

[wagonrunner]

heres a weird freaking thought. ask them

[Stephon.]

heres a weird freaking thought. ask them

[Gx7]

i dont think they take out of your shares , im wit venture CU an wen u hav a over due installment they jus add interest to the amount owed , they do not debit your shares ........... but as i said thats wit Venture CU

[13''strong]

well the reason i say i believe they take it out the shares is cuz other places i no of dat have monthend loan payments ..as soon as u past your pay date they usually call u i have'nt gotten ne calls to verify y i did'nt pay for the two months..so i assume thats wat they doin

[Gx7]

nope the system will not notify them of 1 missed payment after 2 it will well thats at venture eh

[13''strong]

so i went to the credit union to finally pay off my loan cuz i won't be in the country for awhile ''meaning i using my shares to pay off the balance'' and they told me i have to put it in writing '' a letter'' givin them 60 dayz in advance ...i thought it was simple as jus goin in they take the balance of the loan from the shares and thats it now i have to wait...?? some advice plzzz

[bluefete]

The Co-operative Societies Act give them that option. Some CU's have it written into their bye-laws.

Sometimes these requests even have to go to the Board of Directors for approval.

Put it in writing stating the effective date of full repayment and make sure they don't charge you interest for the extra period.

[13''strong]

ok an she clearly stated that from the time i drop in the letter my intrest charges will stop immediately....

[rocky86]

say it is for a health emergency issue and u will get your money

[sharkman121]

Honestly i fed up a dem credit union dem, i withdraw my money long time. Time i had an extreme emergency an they tellin me i hadda wait 3 months to get my money.

[Rory Phoulorie]

Honestly i fed up a dem credit union dem, i withdraw my money long time. Time i had an extreme emergency an they tellin me i hadda wait 3 months to get my money.

You should have read your Bye Laws in the first place. You cannot apply one set of rules for one person and another set for others. Some people unfairly criticise credit unions without reading the Bye Laws first.

[ronsin1]

I have no issues with the credit union I am in.

My home mortgage and car loan with them and easy access to my funds when needed

[13''strong]

the only problem is i want to pay off my loan so it can be over with but they tellin me i have to send in a letter .....cuz i asked a teller and he told me yes it is possilble to do it and when i reached the customer service counter i heard a whole other story......

[Rory Phoulorie]

the only problem is i want to pay off my loan so it can be over with but they tellin me i have to send in a letter .....cuz i asked a teller and he told me yes it is possilble to do it and when i reached the customer service counter i heard a whole other story......

Forget what Tom, Dick and Harrilal tell you and READ YOUR BYE LAWS. That will tell you the process for transferring shares to pay off a loan.

[goalpost]

Quick question
Wife taking a loan from a credit union for a used vehicle which is still under a loan with the original owner They approved it, but they are asking for a letter from the bank stating that once it has been paid off, the vehicle will be released.
The owner spoke to the bank which said that that lettervis done once the loan has been paid off & no letter would be done before “ promising” to pay off.
My wife tried to get on to the credit union to tell them what the bank said.
I’m a bit worried, would this delay or cause the loan to fall through?
Anyone had experience with this?

[wickedtuna]

It may fall through.....because the first creditors (the bank ) could claim on default of payment that's y they sometimes do a check for mortgages/loans ....

[racedriverpro]

Nothing to be too worried about depending on how you deal with it. The credit union just want to make sure that they aren't defrauded of the money they are loaning to purchase their asset.

Be very cautious of the transactions you make towards a vehicle that you have no entitlement to even if your money clears the owners loan on it for it to be released to you.

Try getting advice from an attorney. Probably there is one tuner that can give sound advice on this issue.

[INDAVID WORKSHOP]

Check your CU they can issue the check to the bank currently holding the loan on the car.