08041 CU Loan Poster FINALThe most basic service of a credit union is that of providing loans to it's members. Most financial institutions which lend money are in business primarily to make a profit.

Your credit union is different, because it is in business solely to help its members. It regulates it's affairs in the best interest of it's members and therefore does not charge high interest rates.


Benifits of a Credit Union loan

  • Loans are insured at no direct cost to the eligible member
  • No hidden fees or transaction charges
  • Reasonable interest rates
  • Repayment terms to suit your particular circumstances
  • You can repay the loan earlier than agreed without penalty
  • Additional lump sums accepted without penalty
  • Flexibility to make larger repayments then agreed without penalty
  • Interest decreases as your loan balance decreases
  • Free life savings and free loan protection insurance (limits apply)
  • Optional repayment protection insurance available


Interest Rates

  • The rate of interest for ordinary members’ loans is currently 9% per annum.
  • The rate of interest for Community loans is currently 6% per annum.
  • The rate of interest for Student/Apprentice loans is currently 5% per annum.

Loan Application Procedures

Loan application forms are available to members in the Credit Union offices.

First time loan applicants shall be interviewed by either the Manager, a Credit Officer or a member of the Credit Committee. The Credit Committee will consider all first time loan applicants for approval.

All loan applications will be treated in confidence and considered on their own merits, up to date personal circumstances and in accordance with the law and the Standard Rules of the Credit Union.

All application forms must be fully completed and signed by the member. In the case of a joint account both parties must sign the application form.

All loan applications must be accompanied by documentation of proof of earnings e.g. minimum of 3 payslips, P60 or P21 balancing statement etc.

In the case of a loan requiring a guarantor, the guarantor must satisfy the Credit Union of their ability to repay the loan in the event of default by the borrower, and provide such proof as may be requested by the Credit Union.

Applications from members with previously written-off loans may only be approved by the Board of Directors.

The following information is required for all loan applications;

  • A fully completed loan application and health declaration signed by the applicant(s) and guarantor(s) where applicable.
  • Proof of income – i.e. a minimum of 3 recent payslips.
  • 3 Months Current Bank Statements

The above conditions also apply to husband/wife/partner, who are both wage earners with individual accounts. If either of the parties requires a loan in excess of €10,000 then security as deemed necessary by the Credit Committee may be required.

Notice of assessment, issued by Revenue Commissioners, together with a letter from Accountant/Auditor confirming that all taxes are paid and up to date will be required from members who are self-employed.

Please note that this information is intended as a general guide only. Full information in regard to loan applications is available from the Credit Union offices.