How to Apply for a Loan
What are the requirements?
Members of the Credit union can apply for a loan based on their capacity to repay.
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 District Credit Union are to be made in person. Please note that for applications within shares, one payslip is required. For loans outside of shares, you are required to submit the following documentation:
- Three recent payslips
- Three months bank statements, P60. (Self Employed: yearly accounts, notice of assessment from revenue, tax clearance cert)
- Recent utility bill-gas, eircom, esb etc (not mobile phone bills)
What is taken into consideration?
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 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 current maximum loan term 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. Please note members must be at least 16 years old to apply for a loan.
