Services Loans

ANSAC Credit Union Ltd. have launched two new loan products.

Express Loans at 7.9%

Open to members who have no current loan outstanding. Member must have at least 4 consecutive weeks saving and a minimum balance of €10 in the account. Maximum amount of loan is €2,500 and the loan must be paid within 12 months. In the event of a rebate of interest being approved at any future AGMs this loan category may be excluded from such rebate.

Special Secured loans at 7.9%

Loan secured within shares. In the event of a rebate of interest being approved at any future AGMs this loan category may be excluded from such rebate.

Please contact the office for any further information you require.


Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office, by telephone or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting.

What you need when applying for a loan

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. You may be asked to submit 3 months recent bank statements and proof of income, this is in order to ensure you meet the criteria to repay your loan.

Once the loan is granted the member will be asked to complete a credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.


Remember - only members are eligible to receive loans from your credit union.

Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 10 years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.


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 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. 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.

ANSAC Credit Union and the ICB

ANSAC Credit Union have now joined the Irish Credit Bureau. The latter (ICB) is the principal credit reference agency in Ireland.

What is the Irish Credit Bureau?

The Irish Credit Bureau (ICB) is the principal credit reference agency in Ireland and was established in 1965 by a number of financial institutions. The objectives of ICB are :-

  • To assist in lowering the cost of credit
  • To enable faster decision making in the provision of credit
  • Aid in the avoidance of over- indebtedness of its member’s customers.

Over 40 financial institutions, mostly banks, building societies and finance companies are members of ICB. Credit Unions were granted membership in June 2004.

Why has ANSAC Credit Union joined ICB?

The Board of Directors has a responsibility under Credit Union and consumer credit legislation to safeguard the assets of the Credit Union and to ensure that members do not become over-indebted. This means minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan.

What information does ICB hold?

Most lenders in Ireland send information about borrowers and their repayments to a central agency, ICB. The ICB holds information about borrowers and their loans for 5 years after the loan is cleared. This information is held in an individual credit record that is kept by the ICB about each borrower. Your credit record includes:

  • Your name, date of birth and address
  • The names of lenders and account number of loans you currently hold, or that were active within the last 5 years.
  • Repayments made or missed for each month of each loan.
  • The failure to clear off any loan.
  • Loans that were settled for less than you owed.
  • Legal actions your lender took against you.

So, the ICB reflects a full picture of your credit history, good or bad.

Is my lender allowed to check my credit record?

When you sign a mortgage or loan application, you will be asked to sign a Consent Form. This form gives the lender permission to seek information about your credit history from ICB and to send information about you to the ICB.

What type of lenders send information to the ICB?

Lenders send information about borrowers who have mortgages, car loans, personal loans, credit cards, leasing and hire purchase agreements.

What information is available to the Credit Union from ICB?

Details of current borrowings and loans that have been repaid or closed in the last 5 years for all ICB members are shown in response to an ICB enquiry. Details include the loan amount, category and repayment history. The database also shows “footprints” of enquiries made by the ICB members in the previous 12 months.

What information is available to ICB from the Credit Union?

The Credit Union provides the same information to ICB and other ICB members. This does not extend to loans taken out or repayment histories prior to the credit union becoming a member of ICB. However, where a loan incorporates an existing loan(ie. a top-up), the new balance is the figure disclosed to ICB. Confidentiality and disclosure of your personal information is subject to the Data Protection Acts 1988-2003 and the Credit Union act 1997.

Will ICB affect my ability to get a loan?

The main factor in determining whether a loan is granted is your borrowing and repayment history with the Credit Union. In common with other lenders, the Credit Union may request information about your income, employment status, living costs and existing loan repayments to help decide whether you can afford to repay a loan. An ICB enquiry is another source of information relevant to lending decision.

How do I see my credit history?

You can get a copy of your credit by completing and signing an application form which is sent to the ICB, with a fee of €6, payable by bank draft or postal order only. One form should be completed per person and contain a contact telephone number. Please refer to Credit Union staff for application forms or alternatively click on the following link to connect to the ICB website.

http://www.icb.ie/

LOAN APPLICATION CHECKLIST

ANSAC Credit Union recognises the need to lend responsibly in order to prevent members from becoming over-indebted. It does this primarily by seeking to ensure that borrowers have the capacity to repay all of their debts.
The criteria used by this credit union to underwrite loans are:
• Borrowing history and record with this credit union and other credit unions
• Financial status and ability to repay all debts
• Purpose of the loan
• Capacity i.e. income available to repay
• Security offered
• Credit rating from a credit referencing database

With this in mind the following is required for ALL loan applications:
- At least one payslip (more may be required)
- Term of service (if a serving member of the Defence Forces and you have not already supplied ANSAC Credit Union with one.
- ICB Consent, either on the online application or verbal consent when applying over the telephone.
- ECCU insurance section completed online or verbally over the phone.
Additional information may be required from time to time.

ANSAC Credit Union Ltd is a member of the Irish Credit Bureau.

ANSAC Credit Union was formed to promote thrift, by encouraging members to save together and when necessary, to provide money for worthwhile purposes to our members. Today ANSAC has over 7,500 members and our membership is growing every day.

ANSAC Credit Union
  • Tel:
  • Fax:
  • Email:
  • Web:
  • Address:

  • +353 1 855 4489
  • +353 1 855 8067
  • www.ansaccu.ie
  • 75 - 76 Amiens Street,
  • Dublin 1
Opening Hours
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  • 09:00am - 05:00pm
  • 09:00am - 05:00pm
  • 10:30am - 05:00pm
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  • 09:00am - 04:00pm
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ANSAC Credit Union is regulated by the Central Bank of Ireland. Reg no. 462CU