You could now be refused a Credit Union Loan

You could now be refused a Credit Union Loan

Thanks to new rules from the Central Bank regulators, many ordinary families are suffering as they are finding it difficult to access loans from their local Credit Union.

Students are being forced to drop out of college because their parents are unable to get credit union loans, it has emerged.
And other members of credit unions are being forced to resort to moneylenders.
Close to 300 credit unions have now been ordered by regulators to restrict their lending to consumers, the Irish Independent has learned.
Loyal members, with good credit records, are being turned down for loans, credit union managers said.

Link: Credit union members refused cash as lending limits imposed

The new rules mean some credit unions are allowed lend a maximum of €100,000 to customers in any month. Restrictions are also being placed on the amount a credit union is allowed to lend a customer.

Link: Credit unions facing strict loan restrictions

This is the wonderful service brought to you by the powers of the Irish State, the same State that is paying bankrupt developers up to €100,000 a year to do nothing.

If this is going to effect you, get in contact with your Credit Union as soon as possible and if needs be, get some advice from MABS, rather than turning to a moneylender.

And remember that if this makes you angry, make sure you give your smug local elected representative an earful.

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