Features & Benefits
When you borrow from the Credit Union, you will find many advantages in comparison to other financial institutions
How to apply for a loan?
Become a Member
Join North West Credit Union and avail of numerous tailored benefits, outstanding customer service and amazing community.
Calculate your Loan
Estimate how much you could borrow and calculate your repayments: weekly, fortnightly or monthly using our online calculator.
Apply for Loan Online
Start your application: You can apply for a loan with us online, over the phone or in person at any of our offices.
Sit Back and Relax!
Loan decisions are made locally, and the funds can be transferred directly to your bank account.
Warning: If you do not meet the repayments on your credit agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: The cost of your monthly repayments may increase
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Warning: As a guarantor of this credit, you will have to pay off the debt amount, the interest and all associated charges up to the level of your guarantee if the borrower(s) do(es) not. Before you sign this guarantee you should get independent legal advice.
OUR LOANS
Apply for a loan with interest rates that suit you!
Maximum Loan Term :
6.96%
6.96%
6.96%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
FAQs
Straight away! North West Credit Union welcomes loan applications from our members, regardless of how long they have been a member.
Contrary to popular belief, you do not need to have 25% of the amount you wish to borrow in savings/shares. Each application is dealt with on it's own merit. You need to show you have the capacity to make repayments as well as having enough left to live on. In addition, it is not imperative that you save for a specified period. The loans team can prove repayment for a brand-new member by seeing other regular savings or loans discontinuing elsewhere. Both measures outlined can prove adequate comfort to us that is sufficient for the proposed loan
You can make an application online by logging into the Member Login area (If not yet registered for online banking, you can Register Here). Alternatively, you can apply at one of our branches in Sligo Town, Collooney, Drumkeerin, Boyle, or Keadue. Lastly, you can phone us on 071-9317500 to make an application over the telephone. For full details on the loan application process, CLICK HERE.
After you submit your form online, there will be a notice highlighting that your loan application is ‘Awaiting Review’. The Loans Team has received all relevant documents - please do not resubmit your application form. If any more information is required, we will be in touch with you, even if the status has changed.
See attached list for documentation required.
Security may be required. Types of security which may be required include the following:
- A pledge of your shares
- Guarantor
- First Legal Charge Over your property
The type and level of security required will be reasonable and will depend on the purpose and value of the loan being sought, the term of the loan and the overall risk which applies to the loan. If security is required, we will provide you (and any potential guarantor) with a written explanation of why the security is required and the consequences for you (and the guarantor, if relevant) of providing such security.
Timelines
- We will acknowledge your loan application within 5 working days of receipt, once we have all the information that we requested from you, together with your completed loan application.
- We aim to provide a decision within 15 working days after receipt of all information requested. If this is not possible, we will contact you to advise when we expect to have a decision for you.
- Once the loan assessment has been completed, we will issue you with confirmation of the outcome of your loan application.
Annual Review
Loan statements on Cultivate loans will be issued annually.
We offer an annual review to our members with Cultivate loans.
Refusals:
A refusal of a loan application by the credit union will not adversely affect your credit rating.
Government Support Schemes
Information on government support schemes can be found at the following links:
https://www.enterprise.gov.ie/en/what-we-do/supports-for-SMEs/
