Loans
We welcome loan applications from members on completion of 10 weeks membership with us – in this period members are encouraged to save regularly.
We will:
- Base your application on your needs, ability to repay and savings record with us
- Ask you to provide proof of income and additional information such as recent bank statements etc
- Tailor your repayments to what you can afford
- Provide you with a quick response to your application
- Insure your loan against death and permanent disability subject to our Loan Protection rules at NO cost to you.
- Only charge interest on the reducing balance of your loan – the lower the balance the lower the interest cost
- Look favourably on your repayments if your personal circumstances change through illness, redundancy etc
- Request that your first loan greater than your savings be 50% repaid before further loans are approved.
- Ask your premission to access the Irish Credit Bureau to verify your credit record. A record of your loan with Sligo Credit Union will be placed on the Irish Credit Bureau.
We will NOT:
- Charge you any documentation, processing or other fees – there are NO hidden or additional costs
- Penalise you for early clearance of a loan – you only pay interest on the outstanding balance
- Pre-charge you any interest on your loan
- Charge you balloon payments
- Impose any penalty for surcharge interest on your account even when payments are delayed
- Divulge any details about your financial affairs with your credit union to anyone without your consent
