Loans

In 2016 HSSCU approved almost 97% of loan applications, worth over €67 million.

HSSCU is actively lending. We have a total of 5 loan rates varying from 5.1% APR to 8.9% APR. With a credit union there are NO set-up/administration fees and NO penalties for early repayment.

Members can apply for loans at any time by phone, through their online account or in person at any of our credit union offices 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. 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.

General considerations when assessing a loan application:

  • The size of the loan, including existing loans and contingent liabilities/guarantees.
  • The number of previous loans and the frequency of borrowing.
  • A member’s loan repayment history.
  • The purpose of the loan.
  • The ratio of savings to loan.
  • The net exposure of the member’s indebtedness to HSSCU.
  • Any recent movement of funds in the account, e.g. lodgements or unscheduled lump sum loan payments.
  • The availability of security. Charge on property for certain categories of loan.
  • The member’s length of service in employment.
  • The member’s length of time with HSSCU.

Most loans are assessed by our Loan Team and a decision will be speedy. However, where a loan application is outside of our normal lending policy, it may go to the Credit Committee for consideration. This committee meets every Tuesday evening.

The loans policy is under constant review by the board of the credit union.

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 a 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.

Our ‘general purpose’ loan rate is 8.9% APR. All other loan rates are deemed ‘special rate’ loans, and will require proof of purpose. For example to receive the Education Loan rate the member must first produce proof that the loan is for the purpose of education, e.g. invoice from college etc.

Please click here for information on Loan Protection Insurance.

Calculate repayments yourself in the Calculator section of this site.

Call us today on 1890 677864 to discuss an application.

Loan Warning