Your Credit Union is still the best place for loans and our loan book is very much open!
|How do I apply?||You can apply for your loan by calling into any of our 4 offices, phoning us (we can also call you back), or by logging into your online account.|
|What documents do I need to provide?||The documentation required can vary depending on whether you provide ICB consent or not. We need less documentation where ICB consent is provided. Please note that evidence of your identity (name, date of birth and address) will be required when applying for a loan. The documents that are acceptable to verify your identity can be seen on the ‘How to Join’ section of the website. The documents to verify your name and date of birth will be required only once but, you will be required to verify your address every 5 years unless you change address in the meantime.|
|How can I submit my supporting documentation?||By dropping them into any of our offices, emailing them in PDF format to email@example.com (if you decide to email, you do so at your own risk as email is not the most secure way to send your documents), or by faxing them. Please quote your credit union account number on all submissions.|
|What happens after I submit the required documentation?||Once we have received all your documents, we will review them. We may have a few queries and will phone you. As soon as our review is complete, we will contact you with our decision. If the loan has been approved, you can choose which office to collect your loan so that we can quickly arrange to have all paperwork available for you to sign in that office.|
|Loan applications take a long time to process.||No. We strive for a quick turnaround on all loan applications. It generally only takes 24 hours from receiving all your relevant supporting documentation to provide the member with a decision.|
|You can only borrow twice, or three times, your shares.||No. We base our lending decisions on our estimate of the risk associated with each loan. Where a member has significant savings this reduces the risk, but it is only one of the factors that we take into account. The maximum loan that we will extend to a Member, or connected Members, is currently €25,000 above their shares.|
|Credit Union loans are hard to get.||No. Where a member can show us that they are both able, and willing, to repay the loan, we can generally approve their request. Loans are available for all productive purposes, except business loans, which we currently do not offer.|
|Credit Union loans are dearer than bank loans.||No. While interest rates can vary significantly depending on a range of factors, a Credit Union loan is generally competitive with similar type loans from banks. The quoted interest rate, however, is only ONE factor that effects the FINAL cost of the loan. For example, with your Credit Union you can choose to pay weekly (rather than monthly) which reduces the cost. Similarly, you can pay an extra amount to your agreed payment and, as you are only charged on the actual outstanding loan balance, this reduces the loan cost. If you should fall into arrears we do not apply any penalty interest and, of course, if a member with a loan becomes deceased or permanently disabled, we generally can look after that for you too. Overall, it is still an unbeatable package! (Note: The insurance benefits in the event of death or permanent disability are provided through our insurance policy with ECCU and T&C’s apply)|
|ICB checking means that the Credit Union is not Lending.||No. Many people think that by introducing ICB checking that the Credit Union has shifted its focus from lending to not lending. This is simply not the case. We continue to actively lend to all our members, and the ICB checking has merely sought to complement our lending decisions and best insulate all our members against poor lending decisions and bad debt losses now and into the future.|
Our rates are very competitive and the extra benefits offered by Credit Unions are not being matched by any other lender. If you think that the time is right for you – why not come and talk to us?
The recent budget has introduced a tax break for people carrying out work on their homes in 2014 so now could be great time to improve your home, particularly in the area of energy saving!
Providing loans to Members on competitive terms is one of the main purposes of a Credit Union. It is the way in which the pool of Members’ savings is used for the advantage of other Members who need access to funds. As the Members who borrow pay interest for the use of the money – everyone benefits.
Because we are a Not-For-Profit co-operative, our lending policies and procedures are designed to grant loans on the best possible terms. These include:
- Low rates of interest
- Flexible repayment terms
- Free life insurance
Our loan product range, as of October 1 2013, is as follows:
|Rate||Allowable Purpose||Rate per Month||Typical APR||Interest per €1000|
|Standard||All purposes with facility to “top-up”.||1.0%||12.68%||€2.31|
|SpecialRate -1||House Improvements and Cars between €10,000 and €30,000||.9%||11.35%||€2.08|
|SpecialRate -2||House Improvements between €30,000 and €50,000||.8%||10.03%||€1.85|
|SpecialRate -3||Education, Training & Community Development||.6%||7.44%||€1.38|
(principal & interest)
|Holiday Loan (standard)||€1,000||12 months (one year)||€96.47||1% per month||12.68%||€1,061.56|
|Car Loan (special rate 1)||€10,000||60 months (five years)||€291.21||.9% per month||11.35%||€12,946.95|
|House Improvements (special rate 2)||€30,000||60 months (five years)||€639.89||.08 % per month||10.03% %||€37740.75|
|College Fees (special rate 3)||€2,750||24 months (two years)||€128.38||.6% per month||7.44%||€2,953.59|
Terms & Conditions apply. Community Credit Union Ltd. is regulated by the Central Bank of Ireland.
For more information on these products please contact us or enquire at the offices.
ICB (Irish Credit Bureau)
We have compiled information on the Irish Credit Bureau to save you time and to answer the most frequently asked questions so, please read carefully.
Community Credit Union has joined the ICB. The Board of Directors has a responsibility under Credit Union, Consumer Credit Legislation and Central Bank Directives, to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a Member’s ability to repay a loan. When applying for a loan, members will be asked to sign an ICB consent form in order for us to seek a credit report from ICB detailing their credit history in other financial institutions. Full details of consent forms are discussed with Members when applying for a loan.
We always assess a loan application on the basis of a member’s willingness and ability to repay a loan, the recent Central Bank directive requires us to modify the way we take and make decisions on loan applications (including covered loans) to ensure that a Member is not in arrears with their mortgage (with no arrangement in place with the bank) and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the ICB.
Central Credit Register
The Central Credit Register is a new secure system for collecting personal and credit information on loans of €500 or more. It is owned and operated by the Central Bank of Ireland, under the Credit Reporting Act 2013.
The Central Bank owns the information held on the Central Credit Register and is a data controller under the Data Protection Acts.
From 30th June 2017 and each month after that, lenders, including banks, credit unions, and any other lender that provides consumer loans for €500 and above, will submit personal and credit information on those loans to the Central Credit Register. Loans include credit cards, mortgages, overdrafts, and personal loans.