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The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.
Applications for loans are made by calling to our office in Bruff. Our staff will give you any assistance you require. In deciding whether or not to grant a loan we will take into account the member’s record of savings and loan repayments, as well as ability to repay. 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.
Remember – only members are eligible to receive loans. Due to legislation, Customer Due Diligence (CDD)is required from all members and must provide up to date photographic ID, Proof of Address and PPs number when collecting the loan. (If not previously held in the office).
Planning and managing repayments
The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan may be renegotiated if possible.
There are no penalties associated with clearing your loan quicker than agreed.
Interest on credit union loans
By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.
At Bruff Credit Union we have 1 very attractive rate of interest.
- Standard Loans at 10.5% (APR 11.02%)
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.
Depending on the size of the loan, some or all of the following documentation will be requested:
- Current A/C Bank statements – most recent 3 months
- 3 months recent payslips and/or Social Welfare/Pension payment slips
- Other documentation may be required on request
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. Bruff Credit Union Limited is regulated by the Central Bank of Ireland.