Applying for loan? – What you might need with your loan application
1. As part of Customer Due Diligence (CDD) you need to supply
a. Proof of ID (passport, driving licence)
b. Proof of Address (recent utility bill, bank statement)
2. Documentation needed. (depending on exposure the following may/will be sought)
1-2,500 Exposure –
a. Proof of income (1 recent payslip, social welfare receipts, pension for self employed P60, latest set of audited account, recent monthly management accounts
b. * other documents sought by credit committee
2,500-5,000 Exposure –
a. Proof of Income (3 of as listed above)
b. * other documents sought by credit committee
5,000 + Exposure-
a. Proof of Income (3 of as listed above)
b. Bank Statements (last 3 months)
c. * other documents sought by credit committee
* other documents that could be sought are
Recent mortgage statement
Recent Credit Card statements
Other Liabilities – eg term loan, car finance
Plus any other information deemed necessary by the credit committee
1st Time Loans
Guarantors may be needed if this is your first loan with the credit union. Please note Guarantors can also be sought by credit committee for other loans
Guarantors
Ø If guarantor required they must call into the office as their obligations for being a guarantor must be explained to them
Ø They must sign a Guarantor Form
Ø They need to show ability to repay so proof of income like about will be needed
rate of interest / 10.03% / STANDARD LOAN / APR 10.5%Loan Amount / Euros / €1,000.00 / €5,000.00 / €10,000.00 / €20,000.00
1 year / weekly / €20.33 / €101.13 / €202.26 / €404.52
monthly / €87.95 / €439.62 / €879.22 / €1,758.44
2 year / weekly / €10.62 / €53.09 / €106.17 / €212.35
monthly / €46.15 / €230.75 / €461.51 / €923.02
3 year / weekly / €7.43 / €37.13 / €74.25 / €148.50
monthly / €32.28 / €161.38 / €322.74 / €645.48
4 year / weekly / €5.81 / €29.07 / €58.14 / €116.28
monthly / €25.37 / €126.86 / €253.72 / €507.44
5 year / weekly / €4.88 / €24.38 / €48.76 / €97.52
monthly / €21.26 / €106.28 / €212.57 / €425.14
rate of interest / 5.99% / SECURED LOAN / APR 6.16%
Loan Amount / Euros / €1,000.00 / €5,000.00 / €10,000.00 / €20,000.00
1 year / weekly / €19.82 / €99.11 / €198.22 / €396.44
monthly / €86.06 / €430.31 / €860.60 / €1,721.20
2 year / weekly / €10.21 / €51.03 / €102.07 / €204.13
monthly / €44.32 / €221.58 / €443.14 / €886.29
3 year / weekly / €7.01 / €35.03 / €70.05 / €140.11
monthly / €30.42 / €152.09 / €304.17 / €608.22
4 year / weekly / €5.38 / €26.92 / €53.85 / €107.70
monthly / €23.48 / €117.40 / €234.80 / €469.61
5 year / weekly / €4.44 / €22.18 / €44.37 / €88.73
monthly / €19.33 / €96.64 / €193.28 / €386.57
S:\FORMS\Credit Committee\Applying for loan leaflet for members.docCreated on 22/07/2015 09:31:00