How To Apply
Remember – only members are eligible to receive loans from Wexford Credit Union. So if you’re not a member, why not join today? Membership Requirements
We make it easy to apply for a loan. Simply contact us by:
- Submitting a loan application through our secure members area – CU Online. If you haven’t registered for online access yet why not Register today!
- Call 053 9123909 and choose option 1 to speak to someone in the loans department
- Email: firstname.lastname@example.org
- Apply by calling to our office in Anne Street, Wexford, Y35 XW96 (please join the queue to your right)
To check out repayments click HERE
The Approval Process
All applications are treated confidentially and on their own merits. The key consideration is a member’s ability to make the loan repayments over the term of the loan. To ensure that the application can be processed as fast as possible, members are advised to bring all the relevant documentation as set out below:
Employed full-time or part-time:
A recent payslip dated within the last 2 months of application date.
Recent audited accounts & confirmation of tax position (Form 11)
Proof of pension such as a receipt or bank statement showing the payment within 2 months of the application.
Proof of social welfare payments such as a receipt or bank statement showing the payment within 2 months of the application.
Please Note: This list is a guideline only. You may be required to bring other documentation, depending on the complexity and/or purpose of the loan.
Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We do our best to make a quick decision on your application so you can enjoy the benefits of your loan as soon as possible.
Interest on credit union loans
By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. Wexford Credit Union Limited charges an interest rate of 9.6% (10.1% APR*) on its standard loan product. Discounted rates are also available. Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. 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.
* Annual Percentage Rate
Wexford Credit Union is a member of the IRISH CREDIT BUREAU (ICB). The Credit Union has a legal responsibility to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan. From the 25th May 2018, ICB will be using Legitimate Interests as the legal basis for the processing of your personal and credit information. These Legitimate Interests are promoting greater financial stability by supporting a full and accurate assessment of loan applications, aiding in the avoidance of over-indebtedness, assisting in lowering the cost of credit, complying with and supporting compliance with legal and regulatory requirements, enabling more consistent, faster decision-making in the provision of credit and assisting in fraud prevention. For more information please see ICB’s Fair Processing Notice.
We always assess a loan application on the basis of a member’s willingness and ability to repay but recent regulation requires us to modify the way we make decisions on loan applications to ensure that a Member is not in arrears with their mortgage and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the ICB.
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
All loans are subject to approval. Terms & Conditions apply.