Under consumer credit directives your credit union must make sure that in lending money you are not put under financial stress or hardship to make the required repayments. Your credit union is regulated by the Central Bank of Ireland and loan files are periodically inspected to ascertain that sufficient evidence has been obtained in support of any lending decision. Accordingly, when applying for a loan, and in order to avoid delay, you should bring with you the following information.
PROOF OF INCOME
Where employed (other than a proprietary company director), and the application is for an amount of €2,000 or more, you must supply your latest three (3) consecutive payslips. In the unlikely event you do not receive payslips as required by law, a letter from your employer setting out your gross and net (take home) pay and the status of your employment may suffice. The lending committee reserve the right to request such payslips even when the application is for an amount of less than €2,000.
Where unemployed or in receipt of benefit, you must supply your latest three (3) consecutive social welfare slips.
Where self employed you must supply accounts for the last complete financial year together with a copy of the Revenue income tax assessment based on those accounts. The lending committee reserve the right to request further information.
Where a proprietary company director (i.e. one that controls alone or with one’s spouse/partner fifteen per cent (15%) or more of the voting shares in the company even if not formally a director) you must supply your latest three (3) consecutive payslips, a copy of the latest audited accounts of the company (or self certified if a small company), and a letter from the company’s auditor that all taxes have been paid to date (or Revenue receipts if a small company).
In all cases the most recent three (3) months relevant bank statements are required. Where such bank statements have been downloaded online or obtained from a machine and show only the bank account number, at least one bank statement showing that account number and the name and address of the account holder must be supplied. Relevant is defined as bank statements on which the lodgement of income and the payment of declared borrowings (e.g. mortgage payment) are shown. In the case of self employed and proprietary company directors business bank statements must also be supplied.