Getting a loan from a credit union
Credit unions have been advertising their personal loans quite heavily over the last year and their rates are competitive.
But while you don't need to have an existing account with a bank or a building society to get a personal loan from them, to borrow from a credit union you need to become a member first and save with them.
To join your local credit union, you must be living in the area that it serves, but you might be employed in a company that has a staff credit union or a member of a professional body that runs its own credit union.
The terms and conditions of credit unions may vary, but generally the rules are the same.
So if you live in the Dundalk area and want to join Dundalk Credit Union, you'll need to supply evidence of ID, proof of address.
The institution says it would like you to save with them for at least three months before considering a loan application, but "as long as you are a member for a least six weeks we can discuss a loan with you".
After that, the process is much like applying for a loan with a bank in that you'll need, in this case, three recent bank statements and three payslips. Then it will discuss suitable loan amounts and the duration before processing your application. It will also ask permission to check your credit history with the Irish Credit Bureau.