Tel: 01 8858901 / 01 8306262 Fax: 01 885 8952
PRISON SERVICE CREDIT UNION LIMITED
WHY NOT AVAIL OF OUR LOW INTEREST LOANS OF 4.75% (4.86%APR)
Before completing your online loan application use the loan calculator to estimate the repayment figure or the duration of the loan. Do not forget to include your present loan balance.
- Loans for regular recurring purposes such as holidays, school expenses, insurance or Christmas, etc. should normally be repaid with one year.
- Loans for furniture, cars, etc. can be spread over two to three years generally.
- Larger loans for house extensions, credit cards, consolidation of debts can be extended up to five years and must be supported with copies of quotes, estimates, credit card/loan account statements etc.
- Only in very exceptional circumstances will loans be granted in excess of 5 years.
- Loan applications BELOW €2,500 must be applied for with a FULLY completed loan application form only (no additional paperwork required). No top-up's are allowed on this type of loan until the €2,500 is repaid in full.
- Loan applications above €2,500 MUST be applied for with a FULLY completed loan application form and accompanied with a members (1) Last 3 Payslips (2) 3 month up to date bank statement (3) Letter/mortgage statement showing no mortgage arrears & any other paperwork that will assist your loan application.
- Loan applications can only be made via the website by downloading the application form, through the credit union office or via the credit union reps.
- NO loan application will be considered unless all relevant paperwork is provided.
- ALL fields should be completed on the loan application/income & expenditure, including present income and current outgoings (mortgage, other loans etc).
A decision on your loan will dependent on your ability to repay the loan and your past credit history. The more information you provide regarding the loan and your personal finances the more likely the committee is to consider an application favourably. Remember that lump sums lodged are not taken into account when considering your application for at least three months and provided that the money has not been borrowed from another source. You must produce evidence as to the source of the funds.
Turnaround on loan approval for loans up to €50,000 is 24 hours, subject to ALL information being provided.
PURPOSE OF LOAN
The purpose of the loan must be specifically stated. Please avoid generalisations such as home improvements�. The additional information box should be used to describe the purpose of the loan and to give any further information you think might be helpful.
LOAN APPLICATIONS IN EXCESS OF €50,000 OR FIVE YEARS
Applications for exceptionally large loans or where the repayment is in excess of five years will need to be accompanied by supporting documentation.
The following general criteria will apply:
The loan must be for a purpose that will provide a substantial long term benefit to the borrower eg a house extension that will significantly increase the value of the house.
The absolute maximum repayment period is 10 years (only under exceptional circumstances).
The borrower must demonstrate that he/she can comfortably repay the loan within the agreed time and that no other loan application need be made during the repayment period that it will not be refinanced or the terms re-negotiated.
A detailed submission must be made regarding the purpose of the loan showing the costings involved and backed up by quotations etc.
A complete financial profile of the borrower and dependents must be supplied showing all assets and liabilities and commitments including statements from any financial institution in which the borrower has an account.
Security may be required for large loans such as deeds of property. Undertakings from solicitors will have to be unconditional and with a definite completion date.
Attention is drawn to the section on Loan Protection insurance
If you loan application is refused by the credit committee you have the right of appeal to the next meeting of the board of directors at which the supervisory committee is represented. These meetings are held monthly. You may not submit any additional information for the appeal. The appeal is not another chance to have the loan considered. It is to decide whether in the circumstances and in the light of the information provided the decision of the credit committee was reasonable. It takes a unanimous decision of the directors and supervisors present to overturn the decision of the credit committee.
LOAN PROTECTION INSURANCE
The credit union has an insurance policy in force with CUNA Mutual Insurance Group (a worldwide credit union owned insurance company) so that a members loan balance is cleared on death. The maximum amount that is covered by this policy is €75,000 in respect of any one member and is also conditional on the borrower being in good health and being able to carry out the normal duties of his livelihood in the normal manner at the time the loan is taken out.
If a member borrows more than €75,000 from the credit union the balance in excess of this limit is not covered and in the event of the borrowers death the credit union would have a claim on the members estate for the uninsured portion of the loan. It is important to note that the original amount in excess of €75,000 continues to be uninsured during the full term of the loan because the insurance policy stipulates that loan repayments are applied first of all to the insured portion of the loan and the balance remaining after the €75,000 has been repaid continues to be uninsured.
By way of example if a member borrows €85,000 from the credit union the uninsured amount is €10,000. The member then makes his regular repayments but dies when the loan balance has been reduced to €12,000. The insurance company will pay out only €2,000 and the credit union will be claiming the uninsured €10,000 from the members estate.
If you are borrowing more than €75,000 you should bear in mind the consequences for your estate in the event of your death. You may wish therefore to take out insurance yourself to cover the excess amount over the appropriate number of years. You will probably find that it is most economical to take out a single premium policy for this and you may like to discuss it with your own broker or advisor. However you may be happy that you are adequately covered already with your own insurances and to assume the risk in respect of this loan.
HOW TO APPLY
Please visit our Loan Applications page for further details of how to apply.