Loans - Essential Information
How do I apply for a Loan
Applications for loans can be made online, via the members section of the website, by telephone or by emailing loans@mountmellickcu.com...
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Financial Difficulties
Credit unions are flexible regarding repayment plans, though there are some legal limitations to the length and amount of loans..
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Loan Protection Insurance
Loan Protection Insurance (LPI) is the insurance cover the Credit Union provides on the loans of eligible members..
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Mountmellick Credit Union encourages you to make contact with us at the earliest possible opportunity to inform us of any changes in your circumstances or any temporary financial difficulty you may be experiencing.
Your Credit Union is ready to work with you to help you through any difficulty you are having in meeting your loan repayment. It’s very important to make contact with us at the earliest opportunity to discuss your options and to keep us informed.
If you are having difficulty in meeting your loan repayment, please contact us by phone on 057-862 4425 or by email at creditcontrol@mountmellickcu.com, you are welcome to call in to meet with an advisor, but we understand this is a difficult time and you may prefer the initial contact to be by phone or email.
If there has been a permanent change in circumstances / if your income has permanently reduced, then the Credit Union may assess the possibility of rescheduling the loan (reduce the repayment / extend the repayment term)
*T&Cs apply along with maximum repayment terms as per the Credit Unions lending policy.
If you are having financial difficulty and cannot / don’t repay your loan as per the agreed repayment detailed in your credit agreement, this can affect your credit rating.
Mountmellick Credit Union is registered with the Central Credit Register (CCR) and missed repayments and loan arrears can negatively affect your credit rating and the ability to access credit from the Credit Union and from other lenders.
For free confidential independent advice on money and budgeting, contact MABS www.mabs.ie
To see how arrears are affecting your credit rating, visit www.centralcreditregister.ie
*For further information and to receive the terms of rescheduling a Credit Union loan, please email creditcontrol@mountmellickcu.com
We are always happy to hear that our members are getting back on their feet. Please feel free to call us on 057 862 4425 or email us at creditcontrol@mountmellickcu.com to discuss your options. We can help you find the best way forward for your personal circumstances.
The simplest way of clearing down the arrears on your loan is to pay a little bit more every week. Contact our Credit Control Team on creditcontrol@mountmellickcu.com and they will agree a repayment plan with you to reduce your arrears each week.
Loan Privacy Notices
Interest & Rates
By law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents a maximum interest...
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