The Approval Process
Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We do our best to make a quick decision on your application so you can enjoy the benefits of your loan as soon as possible.
All applications are treated confidentially and on their own merits. The key consideration is a member’s ability to make the loan repayments over the term of the loan. When applying we usually ask members to provide the following documentation:
- For loans with a net value* of less than €1,000 proof of income in the form of 1 recent payslip, social welfare receipt or pension receipt or 1 month bank statement is required.
- For loans with a net value of over€1,001 proof of income in the form of 3 recent payslips, social welfare receipts or pension receipts (as applicable) and 3 full month’s bank statement.
- For loans with a net value of €5,001 and more proof of income in the form 3 recent payslips, social welfare receipts or pension receipts (as applicable) and and an up to date 3 month bank statement showing transactions over the previous 3 months from your application date is required.
- If you have a mortgage, we may request a recent statement of your mortgage account.
- Different documentation requirements apply for self-employed applicants. Please contact the office for more details.
*Net value refers to the difference between the total loan value and any savings pledged as security against the loan. For example if a member was to borrow a total €10,000 and pledged €1,000 in savings against the loan, the net value of the loan would be €9,000.