Debt Consolidation Loan
One loan, one payment, multiple benefits.
Our Debt Consolidation Loan allows you to clear your debt quicker and easier with one manageable repayment.
Enjoy straightforward repayments, transparent terms, and the reassurance of borrowing from your local credit union.
- You have one manageable repayment, which means less direct debits to pay.
- You may be finished paying your debt earlier, and it may cost you less.
- You can keep track and stay on top of your debt repayments.
Affordable loans designed around real life
💫 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.
✨ Bring repayments together
Managing several repayments can be stressful. A Debt Consolidation Loan may help you combine eligible debts into a single loan, giving you one monthly repayment instead of several.
🤝 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
We assess each application individually, carefully, and fairly. Our goal is to lend responsibly and to ensure that repayments are affordable for you.
Calculate your repayments
Maximum Loan Term :
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 10% per annum (10.47% Representative APR), your monthly repayment would be €254, and the total amount repayable would be €12,175.
Terms and Features
Loan Amount and Term
- The maximum application amount is €50,000.
- The maximum term for this loan is 7 years.
- Your application will be assessed on your capacity to meet the repayments.
- The interest rate on this loan is 10% (10.47% APR)
Required Documents
- 3 months bank statements
- 2 recent payslips
- Proof of Address (within last 6 months)
- Photo ID (driving licence or passport)
- Proof of debts to be consolidated
Eligibility
- You must be aged over 18
- You must have a minimum of €20 in your savings
- You must be a resident in our common bond and have permission to reside in Ireland
Ready to go?
We've made the application process simple and accessible for you.
Submit an enquiry
Want to apply over the phone, or just looking for some information?
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. |
