Talk to us about a bridging loan to meet short term financial commitments. A bridging loan can be taken out to meet a temporary cash shortfall when planning for a wedding, buying a property, paying for major renovations or other purposes.
- You can borrow locally and securely from your local credit union.
- Individual member, connected member, or group accounts can apply for up to €120,000 (over shares).
- You benefit from loan protection insurance at no added cost (terms & conditions apply).
- We can offer stage payments of bridging loan to suit draw down requirements (subject to verication).
- You can protect your loan with repayment protection insurance (terms & conditions apply).
- You can borrow up to a 6 month term.
- You can repay the loan off earlier without penalties.
- You can avail of open and closed bridging finance on property transactions.
Loan Repayment Table
|Amount||Term||APR*||Interest Repayable||Total Amount Repayable|
Typical APR variable bridging loan rate (10.5% APR). Lending terms and conditions apply. Loans are subject to approval. Table is for illustration only and does not constitute a contract. Rates correct as at June 2016.
- Your home is at risk if you do not keep up payments on a housing loan or any other loan secured on it.
- The cost of your monthly repayments may increase - if you do not keep up your repayments you may lose your home.
- The payment rates on this housing loan may be adjusted by the lender from time to time.
- If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
- If you choose to top up your housing loan, this new loan may take longer to pay than your previous loans. This means you may pay more than if you paid over a shorter term.
- There is no guarantee that the proceeds of the insurance policy will be sucient to repay 10 the loan in full when it becomes due for repayment.
Bridging Loan Documentation Required
- Completed application form - Simply call to any of our three branches and our staff will be happy to assist you.
- Proof of Identity - e.g. passport, driver’s license
- Proof of Current Address (last 3 months) - e.g bank statements, utility bill, social welfare letter, government document etc
- Proof of Income - e.g 3 most recent pay slips or social welfare payment receipts.
- For Self Employed Members: 2 most recent years Notice of Assessment and Accounts Tax Clearance Certicate. Completed Form F11.
- Current Bank Statements - may be required (last 3 months)
- Credit Card Statements - may be required (last 3 months)
- Other information deemed necessary by the credit union
Bridging Loan Terms & Conditions
- Maximum term is 6 months.
- Maximum loan amount is €120,000.
- The member must not have loan arrears.
- Bridging loan underwriting criteria will be applied in loan application.
- Bridging loan is available for open and closed property transactions.
- Loan principal and interest are payable at the end of the term.
- Legal advice will be sought to arrange security for the loan if applicable.
- Loan cannot be dependent upon the successful receipt of an insurance claim.
- We may seek your permission to undertake a credit bureau check with your loan application.
For further information or to make an appointment with our lending team to discuss a bridging loan application, please us on 064-6631344.
Download the information leaflet as a PDF