Loans

Members of Beragh credit union can apply for a maximum loan of £50,000.00. Beragh Credit Union’s loan policy allows members to borrow up to the amount of their savings/shares at any time.

Check out our loan calculator below to work out your loan repayment. To support your loan application, we may require some additional information, such as:

• Details of your monthly income and/or financial commitments.
• A copy of your ID and proof of address
• and recent bank statements/credit score.

We are committed to helping our members make the most of their finances. Every loan application is carefully considered, and over 95% of loans are approved. However, in the best interests of both the Credit Union and the member, some loans may be declined.

How to make an Application

• Call into the office
• By telephone on 028 807 58861
• Online – Documents required can be uploaded here

Documents that may be required:

• Most recent payslips:
• 12 weekly payslips/3 monthly payslips
• 3 months most recent bank statements
• Some Loans between may require additional credit checks and/or guarantor and/or interview (at the discretion of the credit committee)
• Self-employed members will need to provide most recent annual accounts or to provide their gross annual income from your most recent SA302* along with a copy of your Tax Year overview.

* What is an SA302? Your tax calculation (SA302) shows: your total income on which tax is due. any allowances and relief you have. the total amount you owe for the tax year.

Guarantors

• First time borrowers may require a guarantor
• Unsecured Loans may require a guarantor.
• If a guarantor is required, the guarantor must be over 21 years old, be in full-time employment, and must furnish proof of income i.e. payslips, bank statements.

Interviews

• Some loan applications may require an interview by the credit committee to ensure the member understands the ethos and operational method of the credit union before a loan is granted.

Promissory Note

Before any loan is paid out, the member and where applicable, the guarantor, is required to sign a PROMISSORY NOTE. This is a legal document whereby the member – and the guarantor – promise to repay the loan and interest at a stated rate of repayment.

Repayment Difficulties

There may be times when, for genuine reasons or unexpected circumstances, a member finds difficulty in maintaining the promised repayments. If this happens it is essential that the member contacts the office immediately. Any delay will make the situation worse, and it will become harder to make a new repayment arrangement. Our Credit Control Officers are always available to discuss loan account problems.

Insurance

Loan Protection Insurance is a benefit we provide to our members at no direct cost when they borrow from us. It can protect eligible members by repaying their loans in the unfortunate event of death. This valuable benefit gives credit union borrowers peace of mind when they borrow. Members can take out a Beragh Credit Union loan in full confidence, knowing that their next of kin won’t be left with that burden. Like all insurance policies, terms and conditions apply. Cover ceases at the age of 85.

Attached Shares

• Shares in your account at the time of the loan issue will be held as collateral against the loan. You can withdraw any amount that is not held as collateral.
• Full Share balance at time of application will be held as collateral automatically unless specific amount is requested.

Loan Decisions

• The majority of loan decisions will be available as soon as reasonable possible after the application process is completed in full, with the exception of where further documentation is required: Member must be 18+ years to apply. Must be paid in full by members 85th birthday