How do you get a Credit Union Home Improvement Loan?

House 2 min read

18 Sep 2019

You’ve finally made the decision to make those long-awaited home improvements. You just can’t take another minute of that shabby three piece/threadbare carpet/ broken heater. Or maybe you’re dreaming of bigger things. House extension, garage conversion, an underground wine cellar (o sorry, that’s our dream).

Whatever you have in mind, you’ll need to pay for it somehow. And if it’s an affordable loan with flexible terms & conditions you want -  it’s a credit union home improvement loan you’re after.

First step to getting a credit union home improvement loan

To get a credit union home improvement loan, you first need to be a member of a credit union. If you’re a member already – great! All you need to do is send an online loan enquiry, or contact your credit union directly. If not, don’t worry, it’s a very straightforward and quick process. You can become a member in your local credit union (the area where you live and/or work) or in an industry credit union (for Gardai, teachers etc.).

In the majority of credit unions, as soon as you join you can apply for your home improvement loan. No faffing about! You can either talk to one of the friendly loan officers face-to-face, pick up the phone or send an online loan enquiry.

Ok, here come the boring bits, we promise we’ll keep it short and sweet. Even though credit unions are vastly different (and better) than other financial institutions, just like the others there are a number of documents we’re obliged to ask you for. These include;

Evidence of Identification 

• A passport or,

• A drivers’ licence or,

• A national ID Card  (for NI only)

All documents must be current and valid.
 
Evidence of Address

• A utility bill or,

• A local authority document or,

• An official document for a government body or,

• A bank/building society statement dated within the last three months

For more information, check out our blog on how to join a credit union.
 

Will I automatically be approved for a credit union home improvement loan?

Credit unions also have a very high loan approval rate. Our statistics show that 95.5% of credit union loans are approved*. This is because credit unions consistently go over and above to approve credit union loans. And this includes credit union home improvement loans. You see, credit unions exist solely to financially assist you (as a member) in achieving your life goals. Every credit union is not-for-profit. Their only objective is to do all they can to improve your life and not to profit from your needs.

Credit unions are also ethical, responsible lenders. This means that they will never approve a loan that might cause you financial stress. When assessing your ability to repay, the loan officer might feel you may struggle to meet the repayments. In this situation, they may not grant the full amount requested. They will reassess your application - and do their utmost to grant you a loan as close to the desired figure as possible.

 
Can I get a credit union home improvement loan if I have other loans?

With any loan, the credit union loan officer’s key consideration will be ability to repay. They’ll keep in mind the fact they don’t want to put you under financial strain. So they’ll look at whether it’s within your means to make loan repayments on top of your other repayments. In a nutshell, there is no issue with having other loans and applying for a credit union home improvement loan, as long as this doesn’t affect your ability to repay.

Of course, credit unions are also very flexible when it comes to loan repayments. If you find you are having difficulty, they will be happy to work with you to re-structure the repayments. They’ll do all they can to make things a little easier on you. If you want to pay back the loan earlier than the agreed time, there are never any financial penalties for doing so. For more information, contact your credit union directly

Or you can apply for a general enquiry.
Submit an Online Loan Enquiry