Frequently Asked Questions

No, you can become a member and apply for a loan on the exact same day.

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No, loans are assessed on your ability to pay, not your savings.

You can pay off your loan ahead of schedule and there are NO penalties for doing so.

From the date at which a loan is approved, there is a 90 day drawdown period.

Throughout your membership with Cairde Credit Union Ltd, you will be requested to supply one or more of the following:
  • Proof of ID
  • Proof of Address
  • Proof of PPS
It is a legal requirement from the Central Bank of Ireland that Cairde Credit Union Ltd must maintain up-to-date ID verification on its membership base. To find out what documentation types are acceptable, go to our Documentation Requirements page.
Yes! Cairde Credit Union has a FREE Online Banking service on our Website and Mobile App allowing members to:
  • View their Account Balances
  • Apply for a Loan
  • Make Card Payments
  • Make Internal and External Transfers
  • View E-Statements
  • Pay Bills
  • Upload Documentation

The definition of a Covered Loan: Less than or equal to Shares.

  • You borrow to the value of your Shares
  • There is a Preferential Loan Interest Rate of 6% / 6.17% APR
  • Free Loan Protection Insurance, subject to terms and conditions
  • The Credit Union member retains Life Savings Insurance as their shares are not withdrawn and remain as collateral until the loan is fully repaid
  • It is generally accepted that people repay a Loan regularly, we are not so disciplined when it comes to saving. With a Covered Loan, you still have your Savings when the Loan is cleared and you can add to same while repaying

Life Savings Insurance is the cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly and is only payable on death of the member.

The maximum insurance cover available is €3,000. Members should be aware of the impact share withdrawals have on insurance cover as benefit is calculated on a member's balance at various stages or the lowest amount thereafter until date of death.

The following is the table of cover provided under the life savings insurance:

  • Up to 6 months - 25% Insurance
  • Before 55 years - 100% Insurance
  • From 55 - 69 Incl. - 75% Insurance
  • From 60 - 64 Incl. - 50% Insurance
  • From 65 - 69 Incl. - 25% Insurance
  • Over 70 years - 0% Insurance
This is one of the many benefits Cairde Credit Union Ltd. provides FREE to borrowing members.
  • Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions. To avail of this cover, members must be insurable when the loan issues.
  • Members are asked to sign a declaration which forms part of the application documentation confirming they are "fit to carry out their normal duties".
  • It is important that members advise the Credit Union, prior to taking out a loan, of anything that may impact on insurance cover.
  • If any member is concerned about their eligibility for cover, we would encourage dialogue at the loan application stage.
  • If you are an eligible member, this means you can borrow from Cairde Credit Union in the full confidence that your estate will not be obliged to repay the outstanding loan balance in the event of your death.
  • Eligible members are now covered up to their 85th birthday.
It's the process by which a member nominates a person(s) to receive some or all of their Credit Union property upon death. Any clearly identified person can be a nominee - it does not necessarily have to be next of kin or a member of the Credit Union.
  • Where only one person is nominated, that person will be the sole beneficiary of your Credit Union property subject to the maximum permitted by law (currently €23,000) with the balance, if any, reverting to your estate.
  • Joint Account holders may not nominate property as, when a joint tenant dies, the money in the account automatically becomes the property of the surviving tenant.
  • The nomination will supersede your will and is not revocable or variable by your will or any codicil to it.
  • Completion of a new nomination revokes all previous nominations.
  • Your marriage after completing a nomination automatically revokes that nomination - you should complete a new nomination at that time.