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Tel: 026 41689 Fax: 026 42697

Fri 18-Aug-2017
Services Loans

Loan Applications

Remember - only members are eligible to receive loans from your credit union.

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. Previous loan or savings records are advantageous but not a determining factor in any loan decision. It is our credit union policy to meet the borrowing requirements of as many members as possible. 

Applications for loans can be made by calling to either of our offices or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting. Normal turnaround time on any loan decision is circa 24/36 hours.

What you need when applying for a loan

Proof of income is required on all loan application unless they are full secured by a member's shares. In some cases, bank statements may be requested. Under Anti-Money Laundering requirements, we are obliged to hold current ID and address verification on file for all approved loans.

Planning and managing repayments

Macroom Credit Union is flexible with regard to repayment plans, offering weekly, fortnightly and monthly options, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances and loan purpose. Members are generally advised to repay a loan in as short a time as possible. 5 years is the maximum loan term (with some exceptions). Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Interest on credit union loans

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. Macroom Credit Union is currently offering highly competitive rates. View our loan calculator to see how reasonable a credit union loan could be. We also have regular promotional rates of interest. 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.

Find Us here:
  • Macroom Credit Union
  • Tel: 026 41689
  • Fax: 026 42697
  • Email:
  • Web:
Regulated by the Central Bank of Ireland. Reg. No. 299CU