What is a Covered Loan?

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.

Can I appeal against the loan decision?

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.

Why are Guarantors used?

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.

How long is my loan approval valid for?

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.

Can I only borrow a multiple of my savings?

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.

What documents do I need to apply for a loan?

While some loan applications require more documentation than others, below is a general idea of what you will need to provide before we can process your loan application.

For loans below €5000

  • 2 most recent payslip/receipts of other income (social welfare, pension, etc)

For loans from €5000 – €10,000

  • 3 most recent payslip/receipts of other income (social welfare, pension, etc)
  • 3 most recent months’ bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

For loans above €10,000

  • 3 most recent payslip/receipts of other income (social welfare, pension, etc)
  • 6 most recent months bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

For loans above €50,000

  • 6 most recent payslip/receipts of other income (social welfare, pension, etc)
  • 6 most recent months bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

For all loans, we require

  • Proof of ID: Valid Drivers Licence or Passport
  • Proof of Address: Bank statement or utility bill dated within last 6 months
  • Proof of PPS: Payslip, Revenue or Medical Card. Public Service Card NOT acceptable
  • We may have your information already on file

Please note: Additional documentation may be required depending on the complexity of the loan application.