Loans FAQs

We have put together some of our most Frequently Asked Questions regarding borrowing from our Credit Union.
If you have any other questions or need further information, please submit a question via our contact form, email us on loans@kilrushcreditunion.ie or call us on 065 905 1242.

How do I apply for a loan?

Members can apply for a loan online by logging into your online banking via phone, tablet or laptop, by email, by phone or by calling into our office.

Do I have to be a member for a certain amount of time before I can borrow?

Not at all, you can join and borrow the same day!

Did you know you can join and borrow from the comfort of your own home, see membership to get started.

Can I apply for a further loan before I repay my current loan?

Yes, you can apply for a top up or separate loan at any time; you don’t have to repay one loan before applying for another.

How much can I borrow?

Apply for the amount you need. We’ll review your application based on the information you provide and what you can comfortably afford to repay. As part of this, we’ll check the Central Credit Register to make sure the loan is suitable for you. We’ll always assess your application fairly and look for reasons to say “Yes.”

If I’m retired, unemployed, a carer or on a disability benefit – can I still borrow?

Yes — you can still apply for a loan. We support all members, including those on lower or social‑welfare‑based incomes.
Your application will simply be assessed on what’s affordable for you, which may mean a smaller loan amount. But your circumstances alone do not exclude you from borrowing.

How much do I need in savings to take out a loan?

You don’t need to build up a set amount of savings before you can apply for a loan. Your application is based on your ability to repay, not on how much you have saved.

See the question on 'what happens my savings when I borrow' for info on pledged/held shares for security on your loan.

What happens my savings (shares) when I borrow?

When you take out a loan, some or all of your shares may be held — meaning they’re temporarily “locked in” as security for the loan.
The amount that needs to be held will be discussed and agreed with you during your application.

While your loan is being repaid:

  • You can’t withdraw the shares that are pledged as security.
  • If you have more shares than the pledged amount, you can still withdraw the surplus.

How do I repay a loan?

Loan repayments are made by direct debit from your main banking account, ie the account your income is paid into.

What if I no longer can afford my repayments?

Contact our Credit Control team on 065 9051242 as soon as your circumstances change and they will be happy to discuss an alternative repayment plan.

Are there any hidden or additional costs?

There are no extra fees or charges—just the loan interest.

Why is a loan refused?

A loan could be refused for a number of reasons, here are the main ones:

1. Ability to repay.

We have a responsibility to all our members to lend responsibly. That means we can only approve a loan when we’re confident the repayments are affordable for the full term of the loan.
If a member’s income isn’t secure enough, or the repayments would place them under financial pressure, the loan may be refused.
As part of every application, we look at each person’s circumstances to make sure the loan is manageable and won’t lead to unaffordable borrowings.

2. Poor Credit History.

As part of the assessment, we check the Central Credit Register (CCR) to understand an applicant’s previous repayment history.
If the report shows past repayment issues, this can indicate a higher risk that the loan may not be repaid. In these cases, the loan may be declined.

3. Loan purpose not viable.

For business or certain personal loans, we assess the purpose of the loan — including the business plan, projections and overall viability.
If the assessment shows that the proposal isn’t sustainable in the long term, we may not be able to approve the loan, as it would be too high‑risk.

4. Non payment of a previous loan.

When a loan is issued, a credit agreement is signed, confirming that the loan and interest will be repaid.
If a member’s financial circumstances change, we will always try to work with them on a revised repayment plan.
However, if a member refuses to engage with us or won’t agree to any repayment arrangement, their membership — and future borrowing — may be affected until the outstanding balance and interest are fully repaid.

Members can appeal a loan decision if they have new, proven information about their income or circumstances that wasn’t available at the time of the original application.

Account Information Services (AIS)

Kilrush Credit Union Limited generally requires bank account statements to assist with the assessment of loan applications. The Revised Payment Services Directive (PSD2) provides a means by which Members can supply bank account information electronically, by availing of Account Information Services (AIS). One of the main objectives of PSD2 is to promote competition in the financial services market by allowing people to safely and securely share their bank account information in order to get access to better financial services and products.

Using AIS may reduce the time taken to process loan applications.

This document also explains the AIS process.

If you consent to using AIS to supply bank account information, we will provide instructions by e-mail, including a link to the portal of the Account Information Services Provider (‘AISP’) that will enable you to initiate the AIS process.

If you do not consent to using AIS to supply bank account information, you can:

  • Provide paper bank statements to us.
  • Send bank statements to us by e-mail.
  • Upload bank statements (when making an on-line loan application).

1. What is the (revised) Payment Services Directive (PSD2)?

The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015. Among the primary objectives of PSD2 were:

  • To protect consumers.
  • To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.

2. What is an Account Information Services Provider (AISP)?

Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.

The service provided by an AISP is a regulated payment service.

3. What can an AISP do with your bank account information?

Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.

4. Who is the AISP used in this process?

Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).

If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.

5. How does the overall process work?

This document explains how the overall process works.

6. Why would I want to use this service?

This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so)

7. What will my account data be used for?

Your bank account data will only be used for the purpose of assessing your loan application to the Credit Union.

8. How long will the AISP have access to my account?

Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).

9. How long will the AISP hold my bank account information for?

Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.

10. Who will Truelayer (Ireland) Limited share your bank account information with?

Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.

11. What is the lawful basis for Truelayer (Ireland) Limited to share your account information with the Credit Union?

Truelayer (Ireland) Limited and Kilrush Credit Union Limited are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Kilrush Credit Union Limited it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.

12. How will a Member exercise their rights under Data Protection?

Truelayer (Ireland) Limited and Kilrush Credit Union Limited are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Kilrush Credit Union Limited’s privacy notice is available here. Truelayer (Ireland) Limited’s privacy policy is available here.

Central Credit Register (CCR)

The Central Bank of Ireland established a Central Credit Register under the Credit Reporting Act 2013.

The Central Credit Register is a national database that, on request, provides:

  • a borrower with their own individual credit report detailing their own credit agreements;
  • a lender with comprehensive information regarding a borrower to help with lending decisions and other credit assessments; and
  • the Central Bank with better insights regarding national trends in the provision of credit.

The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. For example:

  • your name;
  • address;
  • date of birth; and
  • personal public service number (PPSN) – where available for this purpose.

The Central Credit Register needs this information to make sure it accurately matches you to your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We submit credit information each month with regard to your loans with us where the loan is for €500 or more.

The CCR are then obliged to store your information securely where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade on your credit report. Information will be kept on the Central Credit Register for five years after your loan is cleared. You may request your credit report at any time and you are entitled to one free report each calendar year.

Lenders may only access your credit report:

  • when considering an application for a new loan, or a top-up on an existing loan;
  • if you request a change of loan terms of an existing loan; or
  • when reviewing a loan in arrears.

Employers, landlords, or any other person or entity cannot access your credit report without your written consent.

You can read the Central Credit Register FAQs here.

If you have any other question about any of your loans with us, you can contact us at 065 9051242.

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