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Our Approach To Lending
At PCU, we are mindful of our members' needs and how they can vary over time. That's why we treat each applicant and their circumstances individually when we are determining the outcome of a loan application.
To fit with our members' lifestyles, we offer reduced rates for many types of loans including car loans, larger loan amounts and short term loans.
Fast loan approval
Promising to provide a fast decision on all loan applications, we can offer approval in principle on loans up to €75,000 within 24 hours. We will also keep the paperwork to a minimum, saving you time and effort.
Have a look at our payment example and loan calculator below, and contact our lending team on info@progressivecu.ie should you require any further information.
Our Loans At a Glance
Within Shares Loans
5.13% APR
SEAI Energy Saving Loans
7.14% APR
Special Car Loans
8.06% APR
Switcher Loans 1 Year Loans
8.06% APR
Personal Loans
12.74% APR
Home Improvement Loans
12.74% APR
Representative Example
How to apply for a Credit Union loan
Applications for loans are made on a standard loan application form. Before you apply, please ensure that you have the following documentation
- Valid photo I.D. passport/driver's license.
- Proof of address (bank statement/utility bill dated within the last three months).
- Proof of income (three recent pay slips/social welfare receipts/set of accounts).
- Bank statements (last three months).
- Proof of PPS number on an official document.
Loans based on joint income assessment
Please note if you have a partner, spouse or guarantor whose information is provided as part of your loan application, we are required to have their consent to obtain and hold this information. They will need to sign either the loan application form or the Consent for the Retention of Data form. They must also provide a copy of their driver’s license or passport.
How loan decisions are determined
Each application is treated in the utmost confidence and will be considered on its own merits. The loan officer or credit committee will take into account your personal circumstances and ability to repay when determining the outcome of your application.
If your loan is granted, you will be asked to complete a credit agreement. This is a legally binding document committing you to repaying the loan through regular payments.
Remember - only Credit Union members are eligible to receive loans.
Planning and managing repayments
Whilst we are subject to legal limitations regarding the amount and time-frame of loans, we offer flexible repayment plans.
Members are advised on the best repayment plan to meet their particular circumstances. They are generally advised to repay a loan in as short a time-frame as possible. Ten years is currently the maximum loan term we can offer.
Should a member experience difficulties in making repayments, they should immediately explain the situation to the Credit Union. We will treat the matter sympathetically and in total confidence. Depending on the circumstances, the loan will be renegotiated if possible.
There are no penalties associated with clearing your loan before the agreed time-frame.
Interest on Credit Union loans
By law, Credit Unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.74% APR (Annual Percentage Rate). Credit Unions do not charge fees or transaction charges.
We also have regular promotional rates of interest. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.
The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a Credit Union loan could be.
Central Credit Register
For Central Credit Register information please click here.
