Loan Requirements

What we need from you

General requirements for all loan categories

New – PPSN required for for Loan Applications greater than €500 from 30th June 2017

The Central Credit Register (CCR) is a database of personal and credit information established by the Central Bank under the Credit Reporting Act 2013.  From 30th June 2017 you will be oblidged to provide your PPSN on any application for credit greated than €500. For more information visit the Central Credit Register Website

Up to date identity verification:

The Criminal Justice Acts 2010 – 2013 require us to have up to date Identity Verification from you before we grant you a loan or other service, Click here for more details.

If your identification documentation is not up to date we will need;

  1. Certified* copy of current Photo ID with DOB (e.g. certified copy of current Passport or Driving Licence)
  2. Proof of address (recent utility bill/bank statement etc less than 6 months old)

*Certified by signature of a Garda, Certified Public Accountant, Notary, Solicitor, Commissioner of Oaths, Justice of the Peace, or Medical Professional by using their business brand/stamp with the wording “Certified True Copy of Original Document”.

General Loan Application Terms and Conditions

  • You must be over 18 years of age
  • Application must be in writing
  • The term of the loan is matched to the purpose (e.g. Car Loan is up to 5 years)
  • Your Shares, at the time of loan application, are pledged as security against the loan
  • A credit check is completed on all applications
  • Each application is considered on its own merits and repayment capacity verified
  • All loan interest rates are variable and can be repaid at anytime without penalty
  • Security may be required
  • Interest is calculated on the outstanding balance on a daily basis
  • Loans can be repaid Weekly, Fortnightly or Monthly
Warning
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Supporting Documentation required for

  • Share Covered Loans
  • Loans where the net exposure is less than €5,000, or
  • Members who got their last loan in the previous 6 months and their circumstances have not changed

The only supporting documentation required is:

Proof of Income e.g. 2 Pay/Pension Slips

Note: ID and Address must be up to date as described above

 

For all other loan applications the Supporting Documentation required is:

  • 3 months recent bank/mortgage** statements
  • 2 Pay/Pension slips for applicant (and spouse/partner where applicable)
  • Self-employed income – most recent set of financial accounts
  • Evidence of other income e.g. rental income
** Mortgage Statement showing Mortgage paid up to date or statement of the bank account used to pay the mortgage (if applicable)

 

Note: ID and Address must be up to date as described above