Current ID must be received before a Loan Application can be considered.  The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits while ensuring ability to repay the debt. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.  

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office, by telephone or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting for consideration. All other loans above the Credit Committee limit will be forwarded to the monthly Board Meeting which is held on the third Wednesday of every month. Outside the Common Bond Loans will also be viewed as per the above criteria.

What you need when applying for a loan

1. Payslips (your last three payslips) Social Welfare Receipt

           Self-employed members;

·           for sole traders we require the last two years tax returns and a valid tax

            Clearance certificate

·           for proprietary directors, we require the latest audited accounts, along

            With the normal proof of income - payslips etc.

2. Current Bank statements (previous three months are required)

3. Credit Check, at application stage you will be asked to consent to the Credit

           Union performing a credit check with the Irish Credit Bureau (ICB)

In addition you may be required to supply the following items as part of the loan application

            · Mortgage and Credit Card statements

            · Quotes/ estimates of work/ Invoices etc.

            · Full details of household income and expenditure

            · Salary Certificate (to be completed by your work)

If we do not already hold the following on file – you will be required to supply:

            · Current State Issued Photographic ID: Passport, Driver’s License Etc.

            · Proof of your current Address (Utility Bill, Bank Statement, Letter from Revenue or Social Protection) dated

               within the last three months prior to applying for your loan.

            · Written proof of your PPS number

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members' record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a Credit Agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to the length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 10 years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.