Loans Additional Information
- You must save regularly for at least 13 weeks or 3 months and have attended an
Education Meeting (normally held in the Credit Union on the first Tuesday of each
month at 6.30pm) before applying for a loan. You need to bring your Ballyhackamore Credit Union book and photographic ID to this meeting.
- You need to complete a loan application form and hand it to a member
of counter staff. Proof of earnings/copies of bank statements/Signed Audited Statement
of Accounts may be required. You may also be asked to provide a guarantor.
| Type of Loan |
Loan Details |
| First Loan |
- You can borrow up to twice the amount of your shares
- You cannot borrow more than £2,000 above the value of your shares e.g.
| Amount of Shares held |
Maximum amount you can borrow |
| £300 |
£600 (twice the amount of shares) |
| £1,000 |
£2,000 (twice the amount of shares) |
| £3,000 |
£5,000 (capped at £2,000 above the value of shares) |
| *Subject to the discretion of the Credit Committee |
-
All first loans must be paid in full before further loans will be considered
|
| Second Loan |
- You can borrow up to three times the amount of your shares*
- You cannot borrow more than £5,000 above the value of your shares e.g.
| Amount of Shares held |
Maximum amount you can borrow |
| £500 |
£1,500 (three times the amount of shares) |
| £1,000 |
£3,000 (three times the amount of shares) |
| £3,000 |
£8,000 (capped at £5,000 above the value of shares) |
| *Subject to the discretion of the Credit Committee |
|
| Subsequent Loans |
- You can borrow up to three times the amount of your shares
- You cannot borrow more than £10,000 above the value of your shares
- The maximum loan available is £20,000
|
Click here for more information about loans
