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 permitted to members who satisfy the following criteria:

The member has not received any correspondence from the credit union in relation to late payments or loan arrears on their account in the two years prior to their application date.

The exceptions to the policy are permitted on the basis that the following conditions are also satisfied for any application in excess of savings up to €50,000:

  1. The member must provide 3 months bank statements.
  2. The member must provide a relevant wage slip showing the gross pay less deduction's which show a net wage or take home pay.
  3. Loan repayments may be considered for amounts which will not require more than 20% of net pay to service the loan where the member has declared other borrowings subject to verification.
  4. Where the member has declared no other borrowings and this can be authenticated the lending authority may grant up to 30% of the net pay.