Loans
Changing my payroll deduction
General
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1. I’m a new member, when may I borrow my first loan?
When you have saved with the Credit Union for 13 weeks. Note that the maximum loan that may be applied for is three times the value of shares.
2. May I borrow again before a current loan is paid off?
Yes, you may apply for a top-up loan that will be considered by the Credit Committee.
3. May I save while repaying a loan?
Yes, borrowers are required to save a minimum of €5 from your payroll deduction.
4. When do I need to complete a Declaration of Health form?
According to age and amount of loan you may need to complete this form. If your total loan balance is over €40,000 at any age; If you are over 40 years of age and your total loan will be over €25,000; if you are over 55 years of age and your loan will be over €20,000.
The form is sent to the Insurance section of the Irish League of Credit Unions. They assess the form and advise us if cover applies. In certain cases, the League may wish to contact your doctor.
5. How do I know if I qualify for a 6% loan?
Car loans repaid within a term of four years qualify for a rate of 6%.
Loans over €20,000 for building a house extension, adding a conservatory or similar may qualify for a 6% loan. Please see guidelines for further details.
6. How do I increase / decrease the amount I am paying the Credit Union?
You must complete an increase / decrease authorisation form available from the Credit Union office, or send an email with your instruction to creditunion@bge.ie.
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7. How do I know that the Credit Union is well run?
The Supervisory Committee are elected separately from the Board to monitor the work practises of Board and employees. Each member can assist by checking their statements carefully and responding to the statement verification carried out by the Supervisors.
The financial books of the Credit Union are audited annually and a report prepared for the Board and AGM. Each member receives an annual report prior to the AGM and questions are welcomed.
The Irish League of Credit Unions send a field officer at frequent intervals to inspect how the Credit Union is being run.
Irish Credit Unions are under the control of the Registrar of Credit Unions which is part of the Irish Financial Services Regulatory Authority.
8.Does the Credit Union offer travel insurance?
Credit Union members may contact the ILCU at tel: 614 6700 for a quote on insurance.
9. If I opt to put my shares into a three or five year account, to which account does my payroll go into?
Payroll deductions go into your normal share account. There is no facility to put payments into term accounts.
10. Explain what the nomination form is about?
On joining the Credit Union you are asked to complete a nomination form. In the event of your death, the Credit Union will know to whom to pay amounts covered by the Insurance of loans and shares. A will does not affect this nomination. A valid nomination form allows the Credit Union to pay out any monies quickly not having to wait for will probate. Nomination date must post-date marriage.
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