Member’s first loan
It is recommended that member’s only apply for a maximum of twice their savings for their first loan. If you have a borrowing record built up elsewhere this can be taken into account for larger loans.
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.
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.