Generally, loan applicants use guarantors if they believe that they will be unable to secure a loan on their own. This might be the case for applicants who have poor credit or no credit history. Individuals can serve as guarantors or can have guarantors for their loans.
The use of a guarantor on a loan application does not ensure that the loan will be approved, because the person who guarantees the loan is considered part of the loan application, so the credit rating of that person must be evaluated along with the loan applicant or applicants.
A Covered Loan allows a member to borrow funds up to the value of their shares. The shares are held as security against the loan. Covered loans offer a preferential rate of lending and a great way of protecting your savings.
Yes, although we cannot give you any assurances that our original decision will be overturned. You should submit your appeal in writing and supported by any additional relevant information that was not taken into account at the time of our original decision. Full details of our appeals process can be obtained from your local branch.
Communication is key! We can only help if members engage, so if you find your circumstances have changed, and you are struggling to make the payments, call our Credit Control team 063 98355 or email firstname.lastname@example.org and we will review your updated circumstances and explain the options available.
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Your loan approval is valid for 90 days from the date of approval. If you wish to draw down a loan after this time you will need to contact our credit department.
Yes, if you have no savings or loan history with us, but you are saving regularly with any other financial institution this will be taken into consideration when assessing a loan application.
To apply for a loan from Kilmallock Credit Union you will need to be a member. But once you join, you can apply for a loan straight away. You are eligible to join once you are part of our common bond.
You can Join Us Online today through our online portal or download our CuMobile App.
At Kilmallock Credit Union, loan approval is based, primarily, on your ability to repay. There is no limit to the amount you can borrow based on your savings. With each application, we take into consideration your income and outgoings, and base your ability to repay the loan on these figures.
You can join Kilmallock Credit Union and apply for a loan straight away. Our lending decisions are based, primarily, on your ability to repay. However, we will also take into account proof of savings with other financial institutions. If you are unsure, it’s best to apply for a loan, and we can advise you as to your options.