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There are times in life when you need to
borrow. When life throws you a curve ball
and you need a loan in a hurry.
Now, there is a real choice. An option that puts you
back in control. Your local credit union. Over 30 credit
unions across the country are introducing a new
microcredit loan scheme - the IT MAKES SENSE loan
aimed at people in receipt of social welfare.
Say goodbye to expensive loans which can cost up
to 188% APR and say hello to a lower cost loan at a
maximum of 12% (12.68% APR).
Moneylender
Provident
Personal Credit Ltd.
Credit Union
The IT MAKES SENSE
loan
The scheme is open to anyone to apply who is over
18 years of age, who is in receipt of social welfare and
who qualifies for deductions to be made through the
Household Budget Scheme. The Household Budget
Scheme is run via An Post. A borrower must be willing
to sign up to and use the Household Budget Scheme to
enable loan repayments to be made.
WHICH CREDIT UNIONS ARE
TAKING PART IN THIS SCHEME?
For a list of participating credit unions, please go to
www.facebook.com/itmakessenseloan
DO YOU NEED TO BE A MEMBER OF A
PARTICIPATING CREDIT UNION TO APPLY?
Participating credit unions can sign you up as a member
on the spot (provided that you live or work in their local
area), and immediately consider your application for an
IT MAKES SENSE loan.
HOW QUICKLY CAN YOU GET A LOAN?
Loans can be granted quickly, typically within the same
visit, but within a maximum of 24 working hours of
making the loan application.
LOAN COMPARISON:
For a €500 loan
WHO CAN APPLY FOR AN
IT MAKES SENSE LOAN ?
APR
Term
Weekly
Repayments
Interest
charged
Total
Repaid
187.2%
(fixed)
6 months
€25
€150
€650
12.68%
(variable)
6 months
€19.84
€15.72
€515.72
With an IT MAKES SENSE Credit Union Loan, you save €134.28
or more than €5 per week!
Information correct as at 27th October 2015.
Source – www.providentpersonalcredit.ie
WE LOOK AT THINGS DIFFERENTLY
WHAT CAN THE LOAN BE USED FOR?
The loan can be for any purpose including to repay an
outstanding debt.
HOW MUCH CAN YOU BORROW?
The minimum loan amount is ¤100 and the maximum
amount which can be borrowed is ¤2,000. Loan
repayments for the IT MAKES SENSE loan are paid via
deductions from the borrower’s social welfare via the
Household Budget Scheme. The maximum deduction
allowed under the Household Budget Scheme is 25% of
total applicable social welfare payments.
HOW LONG CAN YOU BORROW FOR?
The minimum loan period is one month and the
maximum period is 2 years.
WHAT INTEREST RATE WILL BE CHARGED?
The maximum rate which credit unions will charge
under this scheme is 12% (12.68% APR).
?
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HOW IN THE
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To join a participating credit union (if you are not
already a member), your credit union will ask you to
verify your name, address and PPS number.
You will need to bring:
1 - Proof of identity - For example a current passport,
driving licence or Public Services card.
2 - Proof of address - For example, recent
Government issued documentation or a recent
household bill.
OU
O Y LOAN?
D
HOW FOR A
LY
APP
Simply bring two recent social welfare slips (within
the previous four weeks) to your local participating
credit union and you can apply on the spot.
Y
MAR
SUM
TO BE ELIGIBLE TO APPLY
FOR AN IT MAKES SENSE LOAN YOU NEED:
• To be in receipt of social welfare and signed up
/ or willing to sign up to the Household Budget
Scheme
ISSUING DETAILS:
This leaflet is issued by the Irish League of Credit
Unions in respect of its affiliated credit unions and is
for guidance only. Members should always check with
their own credit union for further details. Terms and
conditions will apply.
Membership of, and all transactions with any credit
union are subject to the rules of the credit union, which
may be obtained from your credit union.
The hands and globe are seen on credit unions
throughout Ireland. The hands represent financial
security and the globe stands for the worldwide network
of credit unions. At the centre of our logo and of credit
unions, are people.
Loans are subject to approval. Terms and conditions
apply. If you do not meet the repayments on your loan,
your account will go into arrears. This may affect your
credit rating. Credit unions in the Republic of Ireland are
regulated by the Central Bank of Ireland.
©Irish League of Credit Unions – Nov/2015 (L118)
TO JOIN
THE CREDIT UNION, YOU NEED:
• A Passport, Driving Licence or Public Services Card
• A copy of a recent household bill or letter from a
Government Body.
• PPS number
TO APPLY
FOR AN IT MAKES SENSE LOAN YOU WILL
NEED TO PROVIDE:
• Two social welfare slips from the previous 4 weeks
KEY BENEFITS
• More money in your pocket (much cheaper than
borrowing from a moneylender)
• Straight forward process
• Plan your financial future as a credit union
member.
WE LOOK AT THINGS DIFFERENTLY