Terms and Conditions apply to loan applications, these include qualifying criteria such as;
- First loan, to a maximum of twice your shares and having shown a regular savings record for a minimum of six months with the Credit Union.
- Need to maintain a minimum regular savings with the Credit Union
- Security or Guarantors may be required
- The purpose of the loan
- Ability to repay and income need to be verified
For more detail regarding lending criteria and terms and conditions please do not hesitate to discuss with our staff.
From 1st April 2005, the documentation used when issuing loans to members changed. This change is part of the Credit Union Act 1997, and aims to provide you, the member, with the highest levels of protection when borrowing funds from your Credit Union.
The Credit Agreement replaced the Promissory Note which members signed when collecting a loan.
The Credit Agreement clearly sets out the financial details relating to your loan, including the following information:
- Loan Amount
- Period of Agreement
- Number of repayment instalments and total amount repayable
- Total interest payable
- Annual Percentage Rate (APR)
When signing for your loan you will be required to sign a Credit Agreement.
If Guarantors are required they also receive a copy of the Credit Agreement.
The new Credit Agreement contains a cooling off period, which allows the member to withdraw from the Loan Agreement within ten days.
You may waive this right if you wish to receive the loan immediately. Please read your credit agreement carefully and if you require further information please ask a staff member.
Malahide & District Credit Union Ltd. is regulated by the Financial Regulator.
