* Terms & Conditions apply. All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding. Waterford Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers. Waterford Credit Union Limited is regulated by the Central Bank of Ireland. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating. Loans are subject to individual assessment and terms and conditions apply.
Everything you need to know about a taking out a loan with Waterford Credit Union
We believe in lending to members who save with us. Saving regularly is very important to establish a credit history with us before you apply for your first loan. To get started you must save regularly (unbroken) for a minimum of 10 weeks before applying for your first loan. If you prefer to save fortnightly or monthly then consider a minimum of 3/4 months of payments. This builds up a payments history with us and shows us you can afford to save a regular amount and that you’re reliable - two qualities that we look for in loan repayments.
If you take out money out while you’re saving, it tells us that this is not disposable income you can afford to save or potentially use to pay a loan, it’s money you need to live on, therefore putting doubt on the ability to repay a loan. You should save an amount that is comfortable for you. It can be a little as a few Euros each week. Saving a little does not mean you cannot borrow, it just means you will be borrowing smaller amounts.
For your first loan we will look at an amount of up to 3 times your shares after your 10 weeks plus of saving. After you have proven your record on the first loan we can look at bigger amounts in the future.
Of course you can. Being on a lower income or a government payment does not exclude you from borrowing; it just means you will be borrowing smaller amounts.
We lend to our members for everything from household appliances to holidays, cars, bills, weddings and home improvements. It’s important to be honest and tell us why you want a loan. Being realistic is all about you taking a step back and looking at what you really need to borrow and can afford to pay back.
For example, borrowing for a holiday or Christmas means repaying the loan in full over 12 months, with a view to you borrowing for the same purpose again next year. The more you borrow the higher the repayments and bear in mind you may want to borrow again during the year for other expenses like back to school, a communion, confirmation, car tax or insurance. Make smart decisions now and don’t put yourself under pressure in the future.
Your shares are held (locked in) as security up to the value of your loan. This means that you cannot withdraw your shares while you are repaying the loan. If your shares are higher than your loan, you can withdraw the surplus.
We can open a sub-account for you called STAMPS if you wish to continue saving after you borrow. The funds in the Stamp account are not held against the loan and are available to you at any time.
Yes definitely, whether you pay weekly, fortnightly or monthly, it’s vital they you pay on time and do not constantly change your repayments. The date you draw down your loan determines when your repayments are due. Interest is added daily and if you are not consistent with your repayments, it can cause interest arrears to build up.
For example, if paying weekly, and you draw down your loan on a Friday, then the payment is due every Friday. If paying fortnightly, the first payment is due two weeks later and every two weeks thereafter. If paying monthly, your payment is due on the draw down date each month; paying later than this date will result in arrears building.
If you are topping up an existing loan, you will still have to make your due payment for that week, fortnight or month. Topping up a loan doesn’t mean you are skipping the due payment because of the top up. If you skip, it will result in arrears.
If you can pay ahead, you are covered and won’t fall behind. Otherwise, a multiple payment will be due on your return to bring your loan up to date. Failure to catch up on missed payments will result in arrears.
Keep your repayments up to date and don’t fall into arrears – that’s the best way to ensure you can borrow again. But another way to increase your favorability when looking for future loans is to continue saving. We always recommend to our members to save something with their loan repayments if they can. As well as having a nest egg to fall back on, you are building on your ability to borrow again in the future as higher savings can mean bigger loans.
No. Electronic payments are instructions from you to pay a set amount regularly until you tell the sender/debtor to stop or alter the payment. You can only make those changes yourself. Any payments received after a loan is cleared/ completed will automatically go to your shares. Please note that direct debits are set up with us and MUST be cancelled or altered with us, not at your bank.
Yes. We will not lend if it is unaffordable or puts you under pressure to repay it. Sometimes when calculating the affordability, after we add up all a member’s financial commitments, it becomes clear that the requested loan is unaffordable for that member under their current financial circumstances and we have to say no.
Yes. If your loan is refused, the reasons will be clearly explained to you and we will explain how you can work towards having an approval the next time you apply. You always have the right to appeal a loan refusal to our credit committee. They meet monthly or fortnightly depending on the number of cases. You can make an appointment with them or they will look into it for you, if you can’t or don’t want to attend.
The first thing you need to do is contact us as soon as your circumstances change. We always work closely with our members and come up with the best solution to help you get through this difficult period, whether it’s short term or long term. We are here to work with you, not against you and there are always options. Early communication is vital. Putting it on the long finger or ignoring it will only make it harder to sort out the problem when you do eventually come to us.
Please be aware that arrears will show up on a credit report and may affect future borrowing. A loan and any arrears history will remain on a credit check for 5 years after the loan has been completed as per regulatory requirements and cannot be removed or altered unless the information is incorrect.
NOTICE: Under the Credit Reporting Act 2013 lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on your credit applications and credit agreements.
With my job I can’t afford to be without my car.
A credit union loan got me back on the road in no time at all.