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Members of Dungiven Credit Union aged over 18 years may apply for a loan for a provident or productive purpose. All loans are provided from the savings of other members.
Loan applications may be made at any time during the normal office hours or online 24/7. Please note online loan applications are assessed during office hours.
We now offer same-day loan approval, subject to status. Loans approved can be paid to members bank account on the same day if required.
Payments are arranged to suit your circumstances and there are no penalties for early repayments. Sometimes a guarantor may be requested.
Maximum loans granted subject to approval is £15k above shares.
Dungiven Credit Union’s loan policy allows members to borrow up to the amount of their savings at any time. Members with covered by shares loans should ensure that repayments are maintained regularly otherwise arrears will occur which may affect the granting of later loans.
A member will normally be expected to establish a regular pattern of savings before applying for a loan.
The following are some of the factors taken into account when considering a loan application- A regular pattern of savings
- The member’s previous loan repayment record
- The purpose of the loan
- The member’s ability to repay as agreed
- Frequency of loan applications
Every loan application receives careful consideration and most loans – over 95% - are granted.
Promissory Note
Before any loan is paid out, the member and where applicable, the guarantor, is required to sign a PROMISSORY NOTE. This is a legal document whereby the member – and the guarantor – promise to repay the loan and interest at a stated rate of repayment.
Pledged Shares
Where the amount of shares/savings at the time a loan is approved are equal to or less than the loan amount, those shares /savings become pledged as security for the loan and may not be withdrawn. It is the policy of Dungiven Credit Union that any money saved after the loan is granted may be withdrawn if the loan is not in arrears.
Repayment Difficulties
There may be times when, for genuine reasons or unexpected circumstances, a member finds difficulty in maintaining the promised repayments. If this happens it is essential that the member contacts the office immediately. Any delay will make the situation worse and it will become harder to make a new repayment arrangement. Our Credit Control Officers are always available to discuss loan account problems.
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