Member’s 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 above shares shall be considered after 13 weeks/3 months regular saving. A loan within shares shall not be considered as a first loan.
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.
Lending is subject to the member having a proven ability to meet the repayments on the proposed loan over the period appropriate for the type of loan e.g. a member should be able to repay a Christmas loan or a Holiday loan over 12 months whereas a home improvement loan could be repaid over 5 years.
Exceptions to this policy are only considered where the following conditions are satisfied.
- The member has not had arrears on their existing loan for the previous two years.
- The member must provide 3 most recent months bank statements, together with 3 relevant wage slips showing the gross pay less deduction’s.
- Loan repayments may be considered for amounts which when combined with other regular commitments do not exceed 35% of net income.
- Other borrowings, including Mortgages must be up to date and proof of this should be provided.
- The member must be able to demonstrate a proven ability to meet the agreed repayments for the period of the loan.
Tallaght West Credit Union reserves the right to seek any additional information it requires in connection with a loan application.