Maximum Loan Term :
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Applying for a Loan
Loans are granted to members ’of good character’ who can meet the loan repayments. Loans must also be for ’productive, provident purposes’ -- a fancy way of saying that the loan must enhance the quality of your life.
The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.
Our staff will give you any assistance required when making a loan application. Loans will then be submitted to the Credit Committee for consideration.
In deciding whether or not to grant the loan the credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. As a general rule all loan will require supporting documentation showing ability to repay.
- Current Bank Statements (Generally 3 month)
- Recent Payslips
- Social Welfare Receipts etc
- Employment Detail Summary from Employer or from Revenue My-Account
- A Set of Accounts if self-employed & projections for the next 12 month, Chapter 4 Part 41A Tax Assessment etc.
We endeavor to have your loan application reviewed as promptly as possible.
Once the loan is granted the member will be asked to complete a credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.
The duration of the loan is linked generally to the purpose of the loan. For example, holiday and car insurance loans are normally repaid over one year. All other loans are usually repaid within 3 to 5 years. Renovate & Home Improvements loans can be extended to a 10 year term.
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.
Remember - only members are eligible to receive loans from Sheephaven Credit Union.
Loan Protection Insurance is the insurance cover Sheephaven Credit Union provides on the lives of eligible members with credit union loans.
Provided you are in good health and engaged in your normal life occupation, your loan is covered by insurance. This loan protection insurance is paid for by Sheephaven Credit Union and there is no extra cost to you the member. Any credit union member is eligible for Loan protection insurance pro-vided that the borrower has not reached their 85th birthday, the borrower is actively at work able to carry out their normal occupational duties. If not working the borrower is in good health(Terms and conditions apply).