Website Loan Query

The repayment amounts in this loan calculator are indicative only. Actual repayments may vary. Terms and conditions apply to all loans.

36 months

We have captured your loan query data, all you have to do now is fill in this short form below and we will get back to you as soon as possible. By submitting this form, you are giving the staff at The Lough Credit Union permission to contact you in relation to this loan query. Please note that this calculator only provides an indicative quote and actual repayments may vary. All loans are subject to terms and conditions. The Lough Credit Union Limited is regulated by the Central Bank of Ireland.

How to Apply

  • Submit a loan application through CU-Online, our online account facility and a member of staff will contact you to confirm your details once the query is received. Please note that you need to have registered for online account access in order to submit a loan application in this way
  • Freefone 1800-410-400 with your account number or you can call 021-4963384 and select which office you would like to reach. A member of staff will take your application over the phone and let you know what documents you can pass on to help us make a quick decision
  • Call into either office on Bandon Road or Shournagh Lawn to make an application at the counter with the assistance of one of our staff members. To ensure that the application can be processed as fast as possible members are advised to bring all the relevant documentation as set out below

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About Our Loans

Loans from The Lough Credit Union have the following great benefits:

  • Competitive interest rates
  • Free loan protection insurance on eligible loans
  • Interest is only charged on a member’s reducing loan balance
  • No hidden charges/transfer costs
  • Flexible loan repayment arrangements to suit your preferences and circumstances
  • No penalty for lump sum repayments or early loan redemption
  • Flexible options for drawing down loans

To find out more about particular products check out Our Loan Products on our downloads page. 

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The Lough Loan Mythbuster

There often exists misconceptions about Credit Union loans, so just to clarify, with The Lough Credit Union:

  • New members can apply immediately
  • A quick decision is made and communicated via text
  • We offer some of the lowest personal loan interest rates currently available
  • A savings record is an advantage but lending decisions are based on ability to repay
  • For most loans the only documentation required is bank statements and payslips
  • Most loan applications are approved with loan approval rates consistently over 95%
  • Members in receipt of welfare payments regularly apply and get loans from us

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The Approval Process

Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We do our best to make a quick decision on your application so you can enjoy the benefits of your loan as soon as possible.

All applications are treated confidentially and on their own merits. The key consideration is a member's ability to make the loan repayments over the term of the loan. When applying we usually ask members to provide the following documentation:

  • For loans with a net value* of less than €2,000 proof of income in the form of 1 recent payslip, social welfare receipt or pension receipt (as applicable) is required.
  • For loans with a net value of between €2,001 and €5,000 proof of income in the form of 3 recent payslips, social welfare receipts or pension receipts (as applicable) and 1 full month's bank statement that is not older than 3 months is required.
  • For loans with a net value of €5,001 and more proof of income in the form 3 recent payslips, social welfare receipts or pension receipts (as applicable) and and an up to date 3 month bank statement showing transactions over the previous 3 months from your application date is required.
  • If you have a mortgage, we may request a recent statement of your mortgage account.
  • Different documentation requirements apply for self-employed applicants. Please contact the office for more details. 

*Net value refers to the difference between the total loan value and any savings pledged as security against the loan. For example if a member was to borrow a total €10,000 and pledged €1,000 in savings against the loan, the net value of the loan would be €9,000.

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Irish Credit Bureau

Irish Credit Bureau

The Lough Credit Union is a member of the ICB. The Credit Union has a legal responsibility to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan. When applying for a loan, members may be asked to sign a consent form allowing us to seek a credit report from ICB detailing their credit history with other financial institutions. Full details of consent forms are discussed with Members when applying for a loan.

We always assess a loan application on the basis of a member’s willingness and ability to repay but  recent regulation requires us to modify the way we make decisions on loan applications to ensure that a Member is not in arrears with their mortgage and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the ICB.

All loans are subject to approval. Terms & Conditions apply.

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