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There is no lower limit on how much you can apply for, and the maximum amount is €100,000 but this will depend on the type of loan and how much in excess of your savings the loan is. In general, Personal Loans can be up to €15,000 above your savings, Car Loans can be up to €25,000 above, while Home Improvement Loans can be up to €50,000 above your existing savings.
Member’s first loan
It is recommended that new members only apply for a maximum of twice their savings for their first loan if they have not already built a good credit record. If you have a borrowing record built up elsewhere this can be taken into account, as can a guarantee from an existing good member. Our loan officers are happy to have a chat about your options at any time.
We prefer if new members build up at least 8 weeks savings record before applying for their first loan, but will consider all applications on their own merits. You will be asked to provide evidence of your income e.g. 3 recent payslips, and 3 months up-to-date bank statements. For your first loan a loans officer will meet you to explain how a credit union loan works and answer any questions you might have. A credit check will usually also be carried out to make sure you are not over-indebted elsewhere.
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 you have successfully repaid at least half of your first loan, you can apply for further credit. This will be based on your good record, total level of debts and outgoings, and your ability to repay the loan in a reasonable time-frame. For your second loan we recommend not applying for more than 3 times your savings, but will assess each loan on its merits.
Tallaght West Credit Union reserves the right to seek any additional information it requires in connection with a loan application.
