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
If you have never borrowed with the credit union before the standard proof of income required with you loan application is 3 recent payslips. In the case of a self-employed applicant we would require the most up to date recent financial statements alongside your most recently submitted Form 11. If you are in receipt of social welfare payments then we require your latest three consecutive social welfare receipt slips.
At Ballina Credit Union we recognise a members repayment history and previous borrowing from us. If you have borrowed before and dependent on the number of loans repaid we may only require as little as 1 payslip or social welfare receipt as evidence of income in support of your loan application.
For members who have borrowed before in excess of their shares/savings balance we offer a unique 12% (12.68% APR) loan where we do not require you to furnish any evidence of income in support of your application. Terms and conditions apply.
If it is your first loan with us you will be required to submit you three most recent bank statements where you income is mandated to. Dependent on the number of loans you have had with us the requirement for bank statements can be as low as one months bank statement. If you qualify to apply for our 12% (12.68% APR) loan we do not require any bank statements to be submitted.
Results of the Ballina Credit Union December 2018 Members Car/Cash Draw