LOANS
All loans will be made on the basis of NEED CHARACTER and the ABILITY TO REPAY - And any Credit Union Record.
All Credit Committee decisions will be made in accordance with the rules of the Irish League of Credit Unions.
FIRST LOANS
Members must be saving for at least 12 weeks and there must be at least 12 transactions made during this period be be considered for a loan. the loan considered will be based on the amount saved but the maximum 1st loan will be £500. Lump sums lodged into a members account will not be considered as savings and will have no bearing on the loan application. Proof of income and a recent bank statement must accompany the first application. Granting a loan at this stage is not automatic and all relevant material must accompany the application for the consideration of the Credit Committee or Board of Directors.
FURTHER LOANS
The first loan must be paid in full before any further loans will be considered and members would be expected to add their shares during the time it takes to repay the first loan. Top up loans will only be granted at the discretions of the Loans Committee.
MAXIMUM LOANS
The maximum unsecured/secured loan shall be £10000. A secured loan is where a member has more shares in their account than the size of the loan they are appying for e.g. Shares balance £1000 and the member is applying for a loan of £500.
An unsecured loan is where the member is applying for a loan which is larger than their shares, e.g. Shares Balance is £1000 and member is applying for a loan of £2000.
ARREARS
Any member who is in arrears will NOT be considered for another loan.
GENERAL
All unsecured loans can only be granted for a maximum of 5 years
In emergency circumstances a loan may be paid out by the Loans Officers
Loans covered by shares may be issued without being approved by the Credit Committee
All Loan Applications must be submitted before 11am on Tuesday. Sucessful loan applications will be paid out from noon on Tuesday or will stay in the computer system for 12 weeks. After this a new application must be submitted.
Loan Applicants may be asked to attend an interview with the Credit Committee.
Members whose application has been unsucessful may appeal the decision and meet the committee to discuss the matter.
Each application is treated in the utmost confidence and will be considered in its own merits.
SHARES
After a member has taken out a loan they cannot remove more than 10% of their savings. Further withdrawals have to be approved by the board of directors.
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