Important Announcement: Changes to Lending Practices Effective 6th September

Maximum Loan Limit - €100,000

The maximum loan a member will be permitted have outstanding from the credit union will be €100,000.

Maximum Loan Application Amount - €50,000

The maximum loan amount a member will be able to apply for will be €50,000.

Examples

1. Member with no loan

• The maximum loan amount they can apply for is €50,000.

2. Member with an outstanding loan.

• Member will be permitted to apply for a maximum loan of €50,000 provided their total outstanding loan does not exceed €100,000.
  • Member with an outstanding loan balance of €40,000 could apply for €50,000.
  • Member with an outstanding loan balance of €60,000 could only apply for €40,000.

Increased Minimum Share Balance:

• Members will now be required to maintain a minimum share balance of €200 when applying for a loan. This change is aimed at ensuring greater financial stability and security for all members.

Loan Frequency Limit:

• To promote responsible borrowing, we will strictly adhere to a maximum of 3 loans per member within a 12-month period. This measure is designed to help members manage their finances more effectively.

Loan Drawdown Interval:

• After a loan has been drawn down, no further loans will be allowed for a period of 3 months. This policy is intended to provide a buffer period for members to stabilise their financial situation before taking on additional debt.

Lending Delays

We sincerely apologise for the delays you are currently experiencing with your loan applications. We understand how important these applications are to you, and we are working diligently to process each one as quickly as possible.

Currently applications are taking a minumum of two weeks to be assessed with a further one week to be issued.

Please know that we are committed to ensuring that all applications are reviewed and processed in a timely manner. We appreciate your patience and understanding during this time.

Thank you for your continued trust and support.

Paul Roche
CEO, TUI Credit Union