• The prospective borrower must be a member of the credit union. If not already a member, he or she must join, but membership will be ‘fast-tracked’ through the use of the dedicated PMC lending officer(s).   A minimum shareholding will be required in accordance with the rules of the credit union.  
    • Credit unions are obliged to identify and verify all members in accordance with the requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Appendix 1 outlines alternative documents that may be used to fulfil this obligation, in cases where standard documentation is not available.
    • Repayment frequency will be weekly in line with the social welfare payment
    • Loans can be repaid early without penalty.
    • Loans can be for any provident and productive purpose.
    • Except for exceptional circumstances, at the credit union discretion, a member cannot apply for a top-up until at least 50% of the existing loan has been repaid.  The original loan plus top-up will not exceed €2,000.   Any top-up will be deemed a second loan for credit history purposes.
    • This category of loan will have a separate loan sub-type to ensure that these loans are separately identifiable and separately reported.
    • The minimum loan will be €100. The maximum loan will be €2,000.

The minimum loan term will be one month, the maximum term will be 24 month

The interest rate on these loans will be 1% per month (12% per annum, APR 12.68%).