How To Apply

Applying for a Loan

Please note current proof of income is required for every loan application, so please bring it in with you when you apply to speed up the application process.

Get a Loan

 

Requirements for Loan Applications

In deciding whether or not to grant the loan the loan officer and the credit committee will take into account the following:

  • The members record of savings and loan repayments and their ability to repay. Loans require security in the form of savings.
  • Security of 5% of the loan value for all loans is required with the exception of secure loans, which require 100% security.

For all loan applications the member will need to bring the following documents:

  • 1 payslips or 2 social welfare receipts
  • Recent bank statement (Most recent 3 months)
  • Proof of rent or mortgage
  • Photo ID
  • Proof of payment on any other income or debt that does not go through a bank account

Cavan Credit Union are now part of the Irish Credit Bureau and all loan applications over the amount of €200.00 are subject to an ICB credit check.

The Board of Directors has a responsibility under Credit Union and consumer credit legislation 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.