Our Loans

• 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 provided your net exposure is less than €10,000 i.e. total loan balance less shares is less than €10k. 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.

Loan Applications in excess of €50,000 or 5 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

Appeals

If your loan application is refused by the credit committee or Loans Officer you have the right of appeal to the next meeting of the board of directors at which the Oversight 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 present to overturn the decision of the Credit Committee/Loans Officer.

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/her livelihood in the normal manner at the time the loan is taken out.

Therefore PRISCU will only lend to eligible members who fall under the terms and conditions of our policy cover. If you are not in good health and are not able to carry out your normal working duties, your insurance cover is limited to €5,000. If you fall within this category and wish to apply for a loan, we ask that you to contact the credit union and we can discuss your options.