Loans at Connemara Credit union Limited
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Connemara Credit union Limited we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.
Click on any section below to read more.
Why a Connemara Credit union Limited Loan is different
- There are no hidden fees or transaction charges
- Our interest rates are fair and reasonable compared to others in the market
- Repayments are calculated on your reducing balance, so you pay less interest with each regular repayment
- Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this
- You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
Our loan rate of 10%* means you can borrow at a reasonable rate of credit compared to other financial providers – compare us to other financial service providers and you will see that you get a great deal at Connemara Credit union Limited.
*For a €2,000, 1 year variable interest rate loan, with monthly repayments of €175.87, an APR of 10.50%; the total amount payable by the member will be €2,110.38.
How do I apply for a loan?
Loans are subject to approval. Terms & Conditions apply.
Terms & Conditions Apply
* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. You are advised to check with our offices for up-to-date rates and offers.
Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at Connemara Credit Union. It does not constitute a loan offer. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.
What you need when applying for a loan
A member’s ability to repay based on their overall debts and savings record with the Credit Union will be very important in the loan decision process. Once the loan is granted a 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.
Some/All of the following supporting documentation will be required (if applicable):
- Current A/C Bank statements – most recent 3 months
- 3 months recent payslips and/or Social Welfare/Pension payment slips
- Proof of other income i.e. rental income/maintenance payments
- New employment – copy of contract of employment with details of salary
- Other Loan statements – 12 months
- Mortgage statement – 12 months
- Credit Card statement – most recent 3 months
- Proof of loan purpose i.e. estimates/invoices
- Other documents relevant to the loan application e.g. weekly/monthly living expenses
- ID/Address Proofs & PPS number verification if not already provided
Additional supporting documents will be required for Self Employed Members to include:
- Audited Accounts – most recent 2 years for business
- Business A/C statements – most recent 6 months
- Balancing Statement from Revenue or letter from Accountant confirming taxes/preferentials are up to date
If the income of a spouse or partner is being used, or where a Guarantor is required, he/she will be required to produce some/all of the supporting documentation outlined above.
When a member applies for a loan and signs a loan application, they will be asked to sign an Irish Credit Bureau (I.C.B.) Consent Form. This form gives the Credit Union permission to seek information about your credit history from I.C.B. and to send information about you to I.C.B.
If you wish to discuss your loan application in private please do not hesitate to advise the Teller when you come into the office.
Loans are subject to approval. Terms and Conditions apply. Connemara Credit Union Limited is regulated by the Central Bank of Ireland.