How Do You Get A Credit Union Loan?

Loans from Sligo Credit Union are affordable, with flexible terms that are not dictated by us, but established in agreement with you - the borrower.

There are never any hidden fees and charges. We are open to all types of loans from the small to the big (our maximum loan amount is €75,000). We are ethical lenders. We don’t exist to make profit, but to help make your dreams come true - and meet your everyday needs.

✔️ Q: That sounds great, but how exactly do I get a credit union loan?
To get a Sligo Credit Union loan, you first need to be a member of our credit union. And each member owns the credit union. Becoming a member probably sounds annoying, what with filling out membership forms. Wrong! It’s a very straightforward, quick and easy process and the fastest way you can do it is via our app or inhouse alternatively. Then you can either talk to one of the friendly loan officers face-to-face as soon as you join, pick up the phone or send an online loan enquiry.

✔️ Q: Do I need a certain amount saved in the credit union before applying for a loan?
No, you do not need to have a minimum amount saved before applying for a loan! Each application is dealt with on its own merit. So, you need to show that you have the capacity to make repayments, as well as having enough to live on.

✔️ Q: Ok, but will I be approved for my loan?
Credit unions have been saying ‘yes’ to borrowers since they were first established more than 60 years ago. We just love to say yes! We are in the business of making people happy after all (and not making profit).

There are of course circumstances where we may not be able to grant the borrower the full amount they requested. This is because we are ethical lenders and will never approve a loan that will put financial strain on a member and cause them stress. In this situation, our loan officers will go above and beyond to try and grant as close to the desired figure as possible.

✔️ Q: How many documents do I need to get a loan?
There are a few documents you will need to have when applying for a loan. First, you will need a fully completed loan application form along with the following information:

• One recent payslip or social welfare receipt
• Three months recent bank statements dated within the last three months (your statements should show your income and any mortgage/rent or loan payments that you may have)
• Proof of address (current utility bill, bank or credit card statement)
• Proof of Identity (valid passport or driving licence)
• Evidence of PPS (medical card, letter from Revenue or Social Welfare, payslip or P60)

If you are self-employed, there is a different set of documents that you need, including:

• The most recent set of accounts for your business and a comparison to the previous year to be included, also.
• Form 11 Returns.
• Your latest Revenue Notice of Assessment.
• Up-to-date business bank statements for 3-6 months (note - up to 12 months may be required where seasonal factors affect the business).
• Three recent pay slips where the business income is supplemented by income from paid employment.
• A Tax Clearance Cert for the company/sole trader/partnership or independent confirmation from a member of a recognized accountancy body that the business taxes are paid up to date.
  * Please note that we may require more information. We have a specific 'Frequently Asked Questions' page answering all your questions.