|
Main
Loan Policy
Operative
from 28th February 2005
|
Return
to Available Services Index |
 |
 When
can a member apply for a Loan?
You must be saving for at least six consecutive weeks
before you can apply for your first loan. All loan applications
must be made on the prescribed Loan Application Form which
is available from the office or on our Web site www.ballyfermotcu.ie.
The Credit Committee meets every Monday and Friday evening
to process loan applications. Decisions are available each
Monday and Tuesday by phoning the office between 10.30am and
12.00 midday and 2.00pm to 4pm.
The
Limits and Restrictions for Approving Loans
Generally
loans are issued in proportion to your shares (savings) and
also in relation to your previous loan record. Members between
16 and 18 years old will require Parents or Guardian
to sign an Indemnity Form.
General
Rule
- First
Loan up to twice your shares, to a maximum of
€4,000 or €2000 in excess of shares (which ever is the greater)
- Second
Loan up to four times your shares, to a maximum
of €10,000 or €5,000 in excess of shares (which ever is
the greater)
- First
and Second loans must be cleared in full before another
loan can be issued
- Third
and subsequent loans will be decided on based on your
record and amount of savings.
The
above limits can be exceeded where the loan is within Shares
and is fully secured.
Proof
of Income
The Credit Committee may request proof of income to support
any loan application, in any event All loan applications
in excess of €15,000 must be accompanied by the most recent
P60 and three current and consecutive payslips and
any information required by the Credit Committee
Members
have a right to appeal a decision of the Credit Committee
to the Board of Directors, and the decision of the Board on
such an appeal is final.
|
