Loans we offer

We encourage you to manage your money by structuring the loan around your needs and ability to repay.

Why borrow with us?

 

How to Apply

To apply for your first loan you must establish a savings record for at least ten weeks and have made a lodgement each week for that period.

 

Loan Application Stages

  1. Complete Loan Application Form
  2. Member to provide relevant documentation i.e. proof of income and bank statements
  3. Credit Committee will consider and decide on loan applications weekly on a Monday night
  4. The decision will be communicated to the member the following day

The Credit Union deems it appropriate and prudent to have a robust procedure for reviewing loan applications. This is driven by three main objectives: protecting our members' savings, protect individual members from over-borrowing and to adhere to stricter regulatory guidelines.

The primary consideration in reviewing an application is the member's ability to repay the loan for the duration of the term loan. Due to the volatile and unguaranteed nature of some income, overtime, temporary allowances and rental income from property or commericial interests, we need to carefully access all information provided.

However, this income can be used by the memeber to make lump-sum repayments on the loan if they choose to do so. The type of income that is considered in relation to ability to repay the loan is the guaranteed income of the member (and that of their spouse/partner if applicable).

There are three different ways to make your loan application:

  1. Call into the office during opening hours and make your loan application (Note that we close on Thursdays but open until 1pm on a Saturday)
  2. Make your application over the phone (052 74 41843)
  3. Email info@cahircu.ie with loan amount, purpose, desired repayment and contact number. We will do a call back and talk you through the application and process.

 

Loan Requirements

Members

  • For loans less than member's share balance – supporting documents are not required.
  • The Relaxed Loan – borrow up to €2,000 above your shares. Call and talk to our tellers at the counter. This loan is hassle free as NO proof of income or bank statements are required. (The Loan Officer reserves the right to seek additional paperwork where they feel it is appropriate)
  • All other applications – the following documents are required (copies and electronic print-outs are acceptable):
    1. Three recent pay slips or other proof of income
    2. A recent bank statement showing at least three months transactions
    3. We may also request Credit Card statements for the previous month where applicable
    4. The Credit Committee reserves the right to request additional documentation where necessary

Companies/Self-Employed

  • Current set of audited accounts
  • Current bank statements showing at least three months transactions
  • The Credit Committee may request additional documentation where necessary

 

The New "Secured Loan"

Cahir Credit Union are now offering a new attractive loan rate of 8% (8.3% typical APR) for new loans that are backed by your savings. Why use your savings when you can get a Secured Loan from us at a great rate!

Benefits:

All new Secured loans will qualify for the reduced rate once the new loan is within shares. Your Secured Loan will be shown separately to any existing loans.

To talk to any of our staff today about a Secured loan and the different repayment options, drop into any of our offices or call us on 052 74 41843. For more information email info@cahircu.ie.

Example of Cost of Credit:
A secured loan of €1,000, paid over one year, will have an initial weekly repayment including interest of €20.77 which will reduce as your loan decreases. With APR unchanged the total cost of credit for this loan is €40.64. The total repaid by the member would be €1,040.64.

Loans are subject to approval. Terms and Conditions Apply. Cahir Credit Union is regulated by the Central Bank of Ireland. Information correct as at May 1st, 2015.

 

Loan Protection Insurance

Loan Protection Insurance is Life Insurance on your Credit Union Loan. Subject to terms and conditions if you die your loan dies with you and is not passed on to your dependants.

Cahir Credit Union Ltd. insures all eligible member loans at no extra cost to the member so a big advantage to being a member that borrows with Cahir Credit Union is that we pay the premium on your behalf.

Cover ceases on the member's 85th birthday. Loan Protection insurance is extended to include total and permanent disability from any occupation.