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How To Apply For A Loan
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Members of the Credit union who are members for at least 8 weeks with regular payments into their savings may apply for a loan for a productive purpose. All loans are provided from the savings of other members.
A member will normally be expected to establish a regular pattern of savings before applying for a loan. Members with small savings cannot expect to receive large loans.
Loan applications to Celbridge Credit Union can be made in person, by phone or by email. Please note that for certain loan applications, you may be required to submit the following documentation:
- Three months bank statements
- P60 (Self employed: yearly accounts and or Notice of Assessment from Revenue)
- Three recent payslips
- Utility bill-Gas, Eircom, E.S.B. etc (not mobile phone statements)
Production of these documents will speed up the application and approval process.
The following are some of the factors taken into account when considering a loan application
- A regular pattern of savings
- The member’s previous loan repayment record
- The purpose of the loan
- The member’s ability to repay as agreed
- Frequency of loan applications
Every loan application receives careful consideration and most loans – over 95% - are granted. However, in the best interests of the Credit Union and indeed of the member concerned, some loans are refused.
It should be noted that the Credit Union is not required to state the reason for refusing to grant a loan.
It should also be noted that loan applications are considered by the loans committee and credit officers. Counter staff are not involved in such decisions.
While the present legal term for loan repayment is five years, there are certain loans which are regarded as Annual loans, eg. Holidays, Christmas, Car Tax, Insurance, Rates etc. Such loans should be fully paid within 12 months.
In some cases we may look for a guarantor on a loan e.g. If the member is very young or if the member doesn't have a lot in their shares. Please note members must be at least 16 years old to apply for a loan.