Lending Policy

The granting of loans is always subject to the availability of funds for such purposes. Interest is calculated and charged on a daily basis on all loans.Should the interest rates change in the future all borrowing members will be informed. When a new loan product is launched i.e. motor loans, it cannot apply to car loan already drawndown. All loans are subject to specfic terms and conditions. Please refer to individual loan products for more information.  All loan products offered are subject to approval by the board of directors and will be subject to ongoing review and performance.  

Shares as Collateral

Members shares attached to the loan are always held as collateral for a member’s loan.

Collection of Loans

The members must be present to complete their loan as the credit agreement, which is a legally binding contract, must be signed and witnessed in the Credit Union.

Guarantor

The Credit Union can insist that a loan will only be granted subject to the member getting a suitable guarantor. A guarantor signs the credit agreement in addition to the borrowing member. In doing so, he/she is promising to repay the outstanding loan balance in the event of a member defaulting on their loan repayments. The Credit Union requires that a guarantor proposal form must be completed and returned to the office for approval before a guaranteed loan can be issued. Before the loan is issued, the guarantor must visit the Credit Union Office in order that the implications of their signature on the credit agreement can be explained to them. A guarantor’s ability to repay may also be assessed.

Late Repayments

It is the policy of this Credit Union that all loans are repaid as per the conditions of the promissory note. If you have any problems making your repayments you should contact the Credit Control Officers immediately as it may affect your ability to borrow in the future.

ICB Credit Check

It is a policy of Killarney Credit Union that all loans applications will be subject to a credit check with the Irish Credit Bureau (ICB).

Appeal against non approval of loan

The Credit Committee automatically considers any loan not granted by a loan officer. When the Credit Union rejects a loan application, the member is entitled to appeal that decision to the Appellate Body. If the member is not satisfied with the service provided please contact the credit union.