There are times in life when you need to borrow. When life throws you a curve ball and you need a loan in a hurry.
Now, there is a real choice. An option that puts you back in control. Your local credit union. The IT MAKES SENSE loan aimed at people in receipt of social welfare.
Say goodbye to expensive loans which can cost up to 188% APR and say hello to a lower rate of 10.5% APR.
WHAT IS THE “IT MAKES SENSE LOAN”?
The scheme is open to anyone to apply who is over 18 years of age, who is in receipt of social welfare and who qualifies for deductions to be made through the Household Budget Scheme. The Household Budget Scheme is run via An Post. A borrower must be willing to sign up to and use the Household Budget Scheme to enable loan repayments to be made. Loans can be granted quickly, typically within the same visit, but within a maximum of 24 working hours of making the loan application. The loan can be for any purpose including to repay an outstanding debt.
The minimum loan amount is €100 and the maximum amount which can be borrowed is €2,000. Loan repayments for the IT MAKES SENSE loan are paid via deductions from the borrower’s social welfare via the Household Budget Scheme. The maximum deduction allowed under the Household Budget Scheme is 25% of total applicable social welfare payments.The minimum loan period is one month and the maximum period is 2 years.
To apply, simply bring two recent social welfare slips (within the previous four weeks) to Malahide Credit Union and you can apply on the spot.