Loan Assessment

What we consider in your application

We assess each application individually. Key factors include:

• Your income and regular earnings
• Your existing financial commitments (loans, mortgage, credit cards, etc.)
• Your day-to-day living costs
• Your credit history
• Your ability to comfortably meet repayments over the full loan term

We don't use a single number or score on its own, your full financial situation is considered.

Responsible lending is at the centre of our decisions

Our focus is on ensuring repayments are manageable alongside your other commitments.

We will:

• Review your income and expenditure
• Consider realistic day-to-day spending
• Check for signs of financial stress or over-commitment
• Ensure the loan won’t place you under unnecessary pressure

Helping us understand your finances

Reviewing your bank transactions is a core assessment step when applying for credit in any financial institution. It allows us to:

• Verify income
• Understand regular spending patterns
• Speed up the assessment process
• Reduce paperwork for you

We have made this process simple and secure through our open banking service. This allows you to share the required transactions through a secure link between your bank and the credit union - no need for printing and sending statements!

How we use your credit history

When you take out a loan or other credit agreement, this is reported on a regular basis to the Central Credit Register. Information such as missed payments, arrears, outstanding balances are reported here so this helps us understand how you've managed borrowing in the past.

We consider:

• Repayment history
• Existing credit commitments
• Patterns of missed payments or arrears

A common misconception is that you have a "credit score". The Central Credit Register does not calculate any grade or score based on your credit history.

What happens next

Once we have completed our assessment, we'll move to a decision and let you know the outcome as quickly as possible.