The Credit Union Decision Making Process | St Patricks Credit Union | People Helping People

The Credit Union continues to deem it appropriate and prudent to have a robust procedure for reviewing loan applications. This procedure is driven by three main objectives:

  1. Protect our members’ savings.
  2. Protect individual members from over-borrowing.
  3. Adhere to stricter regulatory guidelines.

The primary consideration in reviewing an application is the member’s ability to repay the loan for the duration of the loan term. Due to the volatile and unguaranteed nature of some income, overtime, temporary allowances and rental income from property or commercial interests will be omitted from our assessment. This income can, however, be used by the member to make lump sum repayments on the loan if they chose to do so.

The type of income that is considered in relation to ability to repay the loan is the guaranteed income of the member (and their spouse/partner if applicable).

Members applying for amounts below their share balance:

Supporting documents are not required (assuming the ICB check is clear). During the term of the loan, should a member wish to reduce their savings below their loan balance, their ability to repay the outstanding balance of the loan will need to be demonstrated.
Members applying for amounts up to €5,000 above their share balance or applying for a loan of up to €2,000 in any calendar year:

It is at the Loan Officer’s discretion as to what, if any, supporting documents are required. This discretion will be determined by the member’s profile e.g. ICB check, age, length of time with ESB, borrowing history etc. (We will require supporting documents as listed below for the 3rd application in a calendar year irrespective of the amount applied for, if not previously supplied in that calendar year).

For all other loan applications, we require only the documents below (copies and electronic print-outs are acceptable).

NB: We will return original documents to the member but will not return photocopied or scanned documents.

• One recent pay-slip.
• Bank account statement for the previous 2 months.
• Credit card statement (if applicable) for the previous month.
• Copy of employment contract (for new members only).

If you are including your spouse's/partner's income on the application we will require the documents above plus a Salary Certificate Click Download Salary Certificate for Spouse/Partner (46.6kb) completed by your spouse's/partner's employer.

In all cases above the Credit Union reserves the right to request other documents in certain circumstances.