Applications for loans can be made on our app, online, via the members section of the website, by telephone or by emailing loans@mountmellickcu.com. You may also complete a loan application form and call in to one of our branches in person if you prefer. If you are unable to call to a branch, you can scan and e-mail your completed form to loans@mountmellickcu.com

Once all supporting documentation has been submitted, your loans is considered by our lending department, who will revert directly to you once a decision has been made.

The sooner we receive your documentation, the faster we can process your loan application! This is generally done within 1-2 working days.

All loan decisions are based on affordability, taking into account your income, expenditure, and credit history. Your savings and loan repayments records do not have to be with Mountmellick Credit Union.

If your loan is approved, you will be asked to sign a credit agreement, which is essentially a promise to repay the loan in regular instalments. This is a legally binding document.

If you have additional questions which have not been addressed above, please check out our FAQs page or feel free to get in touch.

Credit unions are flexible regarding repayment plans, though there are some legal limitations to the length and amount of loans.

You will be advised on the best repayment plan to meet your own circumstances.

Members are generally advised to repay a loan within a 5-year term, 10 years is currently the maximum loan term, unless it is secured by your shares or an asset. There are no penalties associated with clearing your loan quicker than agreed. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

I am having financial difficulties with my loan repayments, what should I do?

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.

What happens if I don’t or can’t repay my loan as agreed?

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

I did go through a difficult period, but I want to get back to paying my loan. What do I do?

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.

I’m paying my loan back but there are arrears on my loan because I missed some payments. How do I clear these?

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 Protection Insurance (LPI) is the insurance cover the Credit Union provides on the loans of eligible members.

Should an eligible member with an outstanding loan balance die, the balance is repaid in full, subject to applicable terms and conditions and certain cover limits.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy.

The premium for this insurance is paid by the credit union.

If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.

Under the cover provided by the Mountmellick Credit Union policy, death cover on loans ceases on the members 85th birthday.