Why borrow with the Credit Union?

Here are some great reasons to have your loan with our Credit Union

  • There are no hidden fees or transaction charges
  • Our rate is fair and reasonable
  • Your repayments are calculated on your reducing balance so you pay less interest with each repayment
  • We do not penalise you for paying your loan back early
  • We provide Loan Protection Insurance at no direct cost – an insurance that other providers charge for

 What are the rates of interest?

We have a number of different rates depending on the purpose of the loan.

 Loan Type Rate Maximum Available
Standard Loan 9.6% APR €20,000 over Shares
Education Loan Available to students (full-time or part-time) for education costs 6.02% APR €5,000
Community Development Available to community groups and clubs or societies 6.02% APR €20,000 over Shares
Secured Loan Available where loan sought is less than Shares held 6.02% APR No maximum
Home Improvement Loan Available to help with Home Improvements 9.6% APR €50,000

How much can I borrow?

Simply put, you can borrow as much as you can afford to pay back. You can use our easy-to-use Loan Repayment Capacity Calculator as a guideline on what you could reasonably pay back with your existing income and commitments.

Click here to download our Loan Repayment Capacity Calculator (Excel spreadsheet).

How do I apply for a loan?

You can apply for a loan in person at the counter, over the telephone or online if you are registered for CU online.

All first time borrowers must call to the office in person and meet with one of our loan officers who can guide you through the application process.

Secured Loans may be obtained over the counter on the same day.

What do I need to apply for a loan?

Your loan application will be assessed based on your ability to repay and your past record of savings or borrowings. To assess your ability to repay we will need information on your current income and outgoings. You will need to provide evidence of your income (e.g. payslips, bank statements) and you may be asked for other additional documentation to support your application.  With effect from 1st October 2014, members drawing down a loan after this date, will be asked to provide up-to-date photographic identification and address verification documents.  You can check acceptable documents here.

If this is your first loan, you will also need a regular pattern of savings for at least 8 weeks prior to the application and a Credit Union member who is willing to act as a guarantor for the loan.

What happens next?

Your application form and the supporting documentation will be assessed by a loans officer. We will also do a number of other checks including a Credit History Search to validate the information you have given us. The application will then be sent on to the Credit Committee to be approved.

The Credit Committee meets on a Thursday night and your application must be with the office no later than 12pm on Thursday to be assessed at that week’s meeting. We strongly recommend that you submit your application early in the week to ensure that it makes the weekly meeting.

How do I draw down my loan?

Once the loan is approved and any conditions laid down by committee have been met, the loan may be paid out by calling into the office and signing the Credit Agreement. You can draw the loan down in three stages if you wish. A maximum of €1,000 can be paid in cash, the balance will be issued in a cheque.

What is a Credit History Search?

The Credit Union currently uses the Irish Credit Bureau (ICB) to perform Credit History Searches.  The ICB is an electronic database that contains information on any financial agreements you may have with other financial institutions. This includes mortgages, credit cards, other personal loans or car finance agreements. The information is updated usually monthly by the various institutions.

We have been a member of ICB since 2007 so as well as doing checks we also record your loan details with the database allowing other lenders to see how your loan is performing. For more information on ICB logon to

Additionally since the 30th June 2017 we have been obliged under the Credit Reporting Act 2013 to collect information for the new Central Credit Register (CCR).  Searches of this register will become mandatory for all credit applications in excess of €2,000 from September 2018.  For more information on the Central Credit Register, logon to

Loan Protection Insurance

Loan Protection Insurance is a great benefit to having your loan with the Credit Union. We insure members’ loans in the event of death meaning that if you die before your loan is finished, the insurance will cover any outstanding amount. We also insure members’ loans in the event of a permanent disability up to a maximum of €40,000.

Loans are covered up to the member’s 80th birthday (or age 60 for Disability) and cover is also extended to both members’ on joint accounts. This insurance is provided at no additional cost to the member.

To be eligible you will need to sign a declaration confirming you are fit to follow your normal duties or occupation and in some cases you may be asked to complete a Health Declaration.

Borrowing with the credit union is easy

Latest News

Latest News

Payment Services Directive (PSD) 2

June 21st, 2018

Notice of Annual General Meeting 2016

December 16th, 2016

Christmas Opening Hours 2016

December 16th, 2016 Click here to read more news ››

Borrow Today

Try out our loan calculator to see what you can borrow today.

Click here to view the loan calculator.

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Click here to learn more.

Ballybay Credit Union Ltd is regulated by the Central Bank of Ireland