Community Loan
Help make your group's vision become a reality.
We are deeply committed to supporting local groups working towards the betterment of our community.
Our Community Loan is designed to help local groups with their projects and initiatives. For large scale finance projects, PFCU can co-fund in collaboration with Community Finance Ireland.
Affordable community loans with local support
💫 Flexibility built-in
We keep borrowing simple and adaptable with clear repayment options upfront, and the flexibility to choose a term that balances affordability and peace of mind.
✨ Building stronger communities
Great communities are built by local people. Our Community Loan provides affordable finance to help community groups invest in facilities, projects, and initiatives that benefit everyone.
🤝 No prepayment penalties
You can make lump-sum or regular extra payments. We won't charge any penalties if you pay off your loan earlier than the originally agreed term.
🌱 Local, personal decisions
Applications are assessed carefully and fairly by a team of local staff who understand our community and the importance of supporting local groups.
Supporting projects across a wide range of areas, including:
Sports and Recreation
Arts
Natural Environment
Culture and Heritage
Calculate your repayments
Maximum Loan Term :
**FOR LOAN TERMS OVER 10 YEARS - THE LOAN MUST BE SECURED. Your loan officer will explain this to you.** This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. Whilst every care has been made in the production of information, People First Credit Union, or any of its staff, cannot be held responsible for any errors. This calculator only provides an indicative quote and actual repayments may vary. 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 and this may affect your credit rating which may limit your ability to access credit in the future.
Representative Example: If you borrow €10,000 over 4 years (48 months), the interest rate is 6.55% per annum (6.75% Representative APR), your monthly repayment would be €237, and the total amount repayable would be €11,395.
Terms and Features
Loan Amount and Term
- The maximum application amount is €200,000.
- The maximum term for an unsecured community loan is 10 years.
- The maximum term for a secured community loan is 35 years.
- The interest rate on this loan is 6.55% (6.75% APR)
Required Documents
- The required documentation varies depending on the purpose, amount, and term of the loan.
- The main documents are sets of accounts, bank statements, Photo ID for principal officers and a detailed plan for the funding.
- The Loans Officer will advise of further requirements.
Eligibility
- Any group applying for a community loan will need to open a club account with People First Credit Union. Our expert team will advise of this simple and quick process.
- The group must be located in and operating within our common bond.
Ready to go?
Frequently Asked Questions
Everything you need to know before you apply.
We want your loan application process to be as simple as possible. There are four ways to apply for a loan.
- Apply through our mobile app
- Apply through our website
- Apply over the phone
- Apply in any of our branches (no appointment needed)
Click here to get started.
Right away!
Once you have €20 in your shares, you can apply for a loan.
No, you don't need to make an appointment for a loan application!
Our four branches have full-time lenders available to speak with. Loan office opening hours are slightly different from the office hours, see here for more information.
Yes.
The loan officer will assess the application in the same way as a new loan application. There are limits on how many top-ups you can receive in a specific time period, and the lender will advise you if we are unable to approve your top-up loan application due to these limits.
You will need to provide supporting documents:
- Proof of income (recent payslips or set of accounts)
- 3 months of bank statements.
We may require additional documentation for certain loans, the lender assessing your loan will advise you of this.
We’ve made providing your documents simple. Choose “Open Banking” when applying and you can securely provide us with a transaction listing from your bank account – no need to be downloading, printing, and sending your statements!
Every loan application is assessed carefully and fairly. Our goal is to lend responsibly and to ensure that repayments are affordable for you. When reviewing your application, we look at:
- Repayment capacity: We consider your income and expenses to make sure the loan can be comfortably repaid.
- Credit history: We may use the Central Credit Register to review your history on loans you’ve taken with other financial institutions.
- Savings and account activity: Your relationship with the credit union, including savings history, can help us understand your financial habits.
- Purpose of the loan: Understanding what the loan is for helps us tailor the product to your needs.
We assess each application individually, not by automated scoring alone. Our focus is on supporting members while ensuring loans are granted in a sustainable way.
There are no penalties for early repayment, and we encourage members to talk to us if their circumstances change. This approach ensures we lend in a way that is fair, transparent, and aligned with our members’ best interests.
Yes. You can pay your loan early with no penalties or fees.
People First Credit Union is regulated by the Central Bank of Ireland.
Lending criteria, terms and conditions apply. Applicants must be over 18 and resident in the Republic of Ireland. Loan approval is subject to a satisfactory assessment of suitability and affordability.
| WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL-agreement in the future. |
