Loans

How much can I borrow?

Members first loan

New members applying for their first loan must undergo a detailed interview by a loan officer. It is important that as much information as possible is obtained from the member at this first interview and proofs of the information obtained during the interview are verified. A first loan shall be considered after 13 weeks saving. A loan within shares shall not be considered as a first loan. The maximum first loan for a member is twice shares up to a maximum €1,250 over savings and the maximum term is 5 years.

In the case of a member who transfers from another Credit Union, their previous record may be taken into consideration, at the discretion of the credit officer considering the loan.

Subsequent Loans

After 1 year. Three times shares to a maximum of €3,000 above shares and at least 50% paid off previous loan.

After 2 years. Three times shares to a maximum of €7,500 above shares.

The maximum loan available to any member of the credit union is on a 3:1 ratio.

Exceptions to this policy are only considered where the following conditions are satisfied.

  1. The member has not had arreras on their existing loan for the previous two years.
  2. The member must provide 3 most recent months bank statements, together with a relevant wage slip showing the gross pay less deduction's.
  3. Loan repayments may be considered for amounts which when combined with other regular committments do not exceed 35% of net income.
  4. Other borrowings must be up to date and proof of this should be provided.
  5. The member must be able to demonstrate a proven ability to meet the agreed repayments for the period of the loan.
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