Before applying for a loan, there must be 16 weeks payroll deductions:

• Monies lodged to shares will not be accepted as security for loans for sixteen weeks on all loan applications.
• Members should endeavour to do a realistic repayment schedule on all borrowing since any request to reschedule must be dealt with by the Board and will preclude further loans while re-schedule is in place.

First Loan:

• Member must attend office and fill in loan application form fully to include all financial outgoings.
• First loan is twice members shares to a max of €4,000.
• Loan to be paid back in no less than sixteen weeks by payroll deduction.
• Loan can be cleared anytime but member must wait till the sixteenth week to apply for a new loan.
• No top ups are allowed on first loan.

Second Loan:

• Second loan is three times members shares to a max of €8,000.
• One top up allowed on second loan.
• Loan to be paid back in no less than sixteen weeks by payroll deduction.

Third loans:

• These are advanced to members on the basis of their credit history with the Credit Union and current lending policies. (Reviewed annually)
• Three times members shares to a max of €12,000.

Subsequent loans:  

• These are based on either a three to one ratio, or €10,000 above members share balance; whichever is the lesser amount.
• They are based on members credit history and the lending policies of the credit union.
• Any loan balance over €12,000 will require additional information and paperwork. (Up to date bank statement covering three months, a household bill and two payslips or P60)

Any loan balance over €25,000 requires Board approval.