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 as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office for an application from or by downloading via the web site. Our staff will give you any assistance required. Loans will then be considered by the credit committee, or if they are greater than €40,000 will go to the monthly Board meeting.

What you need when applying for a loan

In deciding whether or not to grant the loan the 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 credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Ervia Employees Credit Union is a member of the Irish Credit Bureau. The latter (ICB) is the principal credit reference agency in Ireland.

What is the Irish Credit Bureau?

The Irish Credit Bureau (ICB) is the principal credit reference agency in Ireland and was established in 1965 by a number of financial institutions. The objectives of ICB are :-

• To assist in lowering the cost of credit
• To enable faster decision making in the provision of credit
• Aid in the avoidance of over- indebtedness of its member’s customers.

Over 40 financial institutions, mostly banks, building societies and finance companies are members of ICB. Credit Unions were granted membership in June 2004.

Why has Ervia Employees  Credit Union joined ICB?

The Board of Directors has a responsibility under Credit Union and consumer credit legislation to safeguard the assets of the Credit Union and to ensure that members do not become over-indebted. This means minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan.

For more information please look the ICB website at www.icb.ie

Remember - only members are eligible to receive loans from your credit union.

After saving for 4 weeks a new member can apply for a first loan. Various types of loans are available which attract different interest rates.

• Car Loans - Maximum  4 years - 6%
• Standard Loans - Maximum 5 years - 8%
• Loan within shares - Maximum 5 years - 4%
• One year Loan - 5%

To apply for a loan we will need

1) A completed Loan application form

A member may be asked to supply the following:

- 3 months payslips

- 3 months bank statements

- Up to date Mortgage statement if applicable.

- For large loans the member will be required to complete a Declaration of Health Form. This will then have to be approved by ECCU Insurance company before the loan can be granted.

Application forms can be downloaded from the list of forms  in the Members Area or contact the Office by email or telephone to request a form by email or post.

TERMS AND CONDITIONS APPLY