How to Apply for a Loan

To apply for a loan, you must be a member of Dungannon Credit Union and over the age of 18. An application for a loan with Dungannon Credit Union can be carried out by either:

Visiting our office and speaking to a staff member.

Applying over the telephone by ringing 028 87723729.

Loan applications will be forwarded to a Loans Officer / Credit Committee where the decision of approval or rejection will be made. We assess our loans based on a number of factors:

• This decision is based on the repayment capacity of the potential borrower. We assess your ability to repay the loan by looking at your current income and outgoings to ensure that you can afford the repayments (we may request a Credit report from the Member to assess credit worthiness)
• We also take into consideration your previous borrowing history with the Credit Union.
• As an ethical lender it is a priority of Dungannon Credit Union not to approve loans which may put the member into financial difficulty.

*REMEMBER

Dungannon Credit Unions offers loan amount of £20,000 above shares to a maximum of £35,000 over a term of five years. (A 10 year term is available on Tier 3 Loans over £15,000) Loan repayments are calculated on a reducing balance.

Unlike the banks there are no fees or penalties for paying loans off early and there are no hidden charges. If the borrower finds themselves in financial difficulty DCU encourages them to reach out and get in contact so that an alternative repayment plan or solution to the loan can be agreed.

• We aim where possible to turn around loan decisions within 24 hours.
• However, during busier periods, this may be extended. Please only contact the office about your loan application status if you have been waiting more than 48hours.
• On approval, Members must come into the office and sign for the loan. The funds can then be issued over the counter or arranged as a transfer to your bank account.
• Valid Photographic ID must be shown for collection.

Call in to the office. If loan is a top up to existing loan, any outstanding interest on current loan must be cleared before loan can be issued.

• No proven repayment capacity provided.
• Member is currently in arrears or has a poor payment history.
• Existing loan has recently been rescheduled.
• Continually increasing loan balance with top ups.
• Negative information on credit report
• Loan cannot be insured by ECCU due to medical reasons.
• Our loans officers will try to advise where possible, what you can do to put yourself in a better position to apply in future.

Yes, you can repay your loan in full at any time without any added fees or charges. You can also make additional repayments to reduce the balance of your loan at any time again without any additional fees or charges being applied.

If you get into difficulty paying your loan don’t panic. At Dungannon Credit Union, we understand that sudden unforeseen changes in circumstances can affect a member’s ability to repay their loan, especially in today’s unpredictable economic environment.

Contact us on 028 87723729 as soon as you believe that you may have difficulty meeting your loan repayments and we will try to help in any way we can.

We know that sometimes it is difficult to talk about these issues, so if you find it easier to make that initial contact, you can also email us on info@dungannoncu.com

For more support on Personal Financial Management click here