Loans FAQs
How long do I have to be a member for before I can borrow?
You can join West-Midlands Credit Union and apply for a loan straight away. Each application is assessed on the member’s ability to repay. Your ability to pay is based on your repayment capacity. You are not required to have a specific amount of shares before borrowing. We can also take into account proof of savings with other financial institutions. If you are unsure, it’s best to apply for a loan, and we can advise you as to your options.
Can I only borrow a multiple of my savings?
At West-Midlands Credit Union, loan approval is solely based on your ability to repay a loan. With each application, we take into consideration your income and outgoings, and base your ability to repay the loan on these figures.
What documentation do I need to apply for a loan?
While some loan applications require more documentation than others, below is a general idea of what you will need to provide before we can process your loan application:
- Three months of bank statements (if you have a bank account)
- Photo Identification
- Evidence of PPS Number
- Proof of Income: - if you’re employed: a recent payslip
- if you’re self-employed: two audited accounts and confirmation of tax position
- if you’re retired: proof of pension (receipt or bank statement)
- if you’re unemployed: proof of social welfare payments (receipt or bank statement)
*additional paperwork may be required
Can I make an appointment to meet a lender?
Yes, no problem! Please call us on 0818 246 497 to arrange an appointment.
I have no savings with WMCU, but I am saving regularly with the bank, will this be taken into account?
Yes, if you have no savings or loan history with us, but you are saving regularly with any other financial institution this will be taken into consideration when assessing a loan application.
How much can I borrow?
West-Midlands 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. With each application, we take into consideration your income and outgoings, and base your ability to repay the loan on these figures.
Check out our Loan Calculator here.
How do I apply for a loan?
- Online
You can apply for a loan directly from our Loan Calculator. Enter the amount you’d like to borrow, choose your repayment period and input your details to apply. - In Branch
You can also apply for a loan from any West-Midlands Credit Union branch. You'll find your nearest branch here. - Mobile App
You can also apply for a loan via our mobile app. Further details on our mobile app are available here. - By Phone
You can also apply over the phone by contacting us on 0818 246 497.
Who can borrow from West-Midlands Credit Union?
To apply for a loan from West-Midlands Credit Union you will need to be a member. Once you have joined, you can apply for a loan straight away. You are eligible to join once you are part of our common bond.
Learn more about becoming a member here.
What happens if I can't make a repayment?
If you are struggling with repayments, speak to WMCU as a first port of call as we may offer ways to help. Find your local branch here, call us on 0818 246 497, or email info@wmcu.ie . We’re here to help.
What is Loan Protection Insurance?
We offer complimentary Loan Protection insurance to members. Loan Protection Insurance is the insurance cover your Credit Union provides on the lives of eligible members with Credit Union loans. Provided you are in good health and engaged in your normal life occupation, your loan may be covered by insurance. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. You must be under the age of 80 years when applying for the loan to be eligible for complimentary Loan Protection Insurance.
