Loans
Credit Unions are number 1 for personal loans in Ireland
Members can apply for loans at any time by phone, email, or in person at the credit union office or in one of our sub-offices. In some cases members may be required to be available for interview. Some loans may require additional documentary evidence.
- First loans are normally restricted to certain limits. A maximum of three times savings is normally applied. However at HSSCU we believe in capacity based lending which means we will look at your income and outgoings and assess your ability to repay the loan.
- The loans policy for subsequent loans is under constant review by the board of the credit union. General guidelines do apply, but numerous factors are taken into consideration when assessing applications.
- We advise you to contact us for an informal chat before making a loan application and we can direct you as to the best options for your particular needs and circumstances.
Terms
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. 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. Loans for annual events like car tax, car insurance or holidays should normally be repaid in one year. Normal terms for other loans would be between two and five years. In exceptional circumstances loans may be approved in excess of five years.
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.
Please click here for information on Loan Protection Insurance.
Calculate repayments yourself in the Calculator section of this site.