Loan Applications

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 all members within reason. 

With recent regulation changes brought in by the Central Bank of Ireland we must be vigilant whilst lending, this will be for all loans offered, and this is done in the best interest of the credit union as a whole. We will have the ability to check with the Irish Credit Bureau and with Stubbs Gazette, both of whom Milltown Clonskeagh Credit Union will be liaising with for loan applications.*  

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office, by telephone. You can download our loan application form here.

Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or you may be asked to call into the office and discuss your requirements.

What you need when applying for a loan.

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a promissory note, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments. Loans can only be obtained by members over 18 years of age or aged 16-18 with a guarantor.

Remember - only members in Milltown Clonskeagh Credit Union are eligible to receive loans from Milltown Clonskeagh Credit Union.

When applying for the loan you must bring the following with you when applying:

• Loan application form with all details entered (if you have printed it  from this site)
• Proof of Income – wage slip, social welfare payment slips etc.
• A Recent Proof of Address – Utility bill, bank statement etc.
• Photo ID – current passport, current driving licence, current student card etc.

Planning and Managing Repayments

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. When the contract is signed and loan is received the member must pay the agreed amount at the agreed schedule as per the contract. Members must also save whilst they are repaying a loan. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the Milltown Clonskeagh Credit Union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will 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. Please contact Milltown Clonskeagh Credit Union in person or by phone to confirm the interest rates as some changes may occur from time to time, so as we can offer you the best possible service.

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