Our low-interest student loan
- One of our lowest rates! 6.7% APR.
- Flexible payment schedules.
- Early repayment with no penalties.
- No transaction fees.
- Free loan protection insurance, subject to criteria.
- Quick turnaround times from friendly, experienced loan officers.
Representative Example: €10,000 over two years at an interest rate of 6.5% (6.7% APR), 105 weekly repayments of €102, the cost of the loan is €672 and total amount repayable is €10,672.
*Examples and calculators provided are for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator and example only provide an indicative quote and actual repayments may vary.
Frequently Asked Questions
Once your loan is approved, you have three months to collect it and your repayment schedule does not begin until the funds are issued.
You can rest assured while waiting for your results that you will have the funds available for deposits etc. when you need.
We receive a large volume of applications in August, apply as soon as possible to guarantee you will have your loan before starting third-level.
Drawing down is the term used to describe the process of collecting your loan.
You have three months to draw your loan down after approval.
The draw down stage consists of signing the final credit agreement, planning your repayments and issuing the funds, generally by bank transfer or cheque.
Your repayments begin only when you draw down your loan, you do not have to start repaying the loan after it's approved.
We understand every family’s situation is different. We assess loans based on a member’s credit history and ability to repay.
If your parent/guardian has an account, they can apply themselves and avail of the lower interest rate by providing proof of your third level course.
We can set up direct debits from your account if you want to make repayments off the loan, but the loan will be in your parent/guardian’s name.
If you are working with a stable income and have the ability to keep up with repayments of the loan, have a chat with our lenders and they will advise if you can apply in your own name.
- Proof of college course (can be provided on drawdown)
- 3 months bank statements
- 2 recent payslips
Proof of Address and Photo ID may also be required.
Open Banking allows the credit union to securely access your bank transactions for the purposes of assessing your loan application.
Alternatively, you can provide us with documents by uploading on our app or by providing hard copies.
If you are applying for the loan yourself, we may ask you to provide a guarantor.
A guarantor is a person who agrees to repay the loan if you are unable to meet the contracted repayments.
For a student loan, this is usually a parent or guardian.
Loans are subject to approval and 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 which may limit your ability to access credit in the future. Examples only provide an indicative quote and actual repayments may vary.
People First Credit Union is regulated by the Central Bank of Ireland.