How To Apply
The Loan Application Process
The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.
Our staff will give you any assistance required when making a loan application. Loans will then be submitted to the Credit Committee for consideration.
What do you need when applying for a Loan?
In deciding whether or not to grant the loan the credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. As a general rule all loan will require supporting documentation showing ability to repay.
- Current Bank Statements (Generally 6 months)
- Recent Payslips
- Social Welfare Receipts etc.
- If self -employed, latest set of Audited Accounts, up to date management accounts & projections for the next 12 month etc.
- We endeavor to have your loan application reviewed as promptly as possible.
When the loan is granted the member will be asked to complete a credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.
The Length of a Loan
The duration of loan can vary and generally, is linked to the purpose of the loan. For example, holiday and car insurance loans are normally repaid over one year. All other loans are usually repaid within 3 to 5 years. Home Improvements loans can be extended to a 10 year term.
Managing and Repaying Your Loan
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.
Remember - only members are eligible to receive loans from Swilly Mulroy Credit Union.