Leave your hard-earned savings intact

A Covered Loan (also called a Shares Secured Loan) allows members who have a financial need to take out a low-cost loan rather than dip into their hard-earned savings. To cater for such situations, we offer preferential loan rates from 3.83% (3.90% APR*). Do you have savings in your credit union account? Why not secure your loan against it.

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What Are The Covered Loans?

Covered Loans

If you want to apply in branch and are looking to draw down the loan in cash instantly, our standard Covered Loan rate is available.

Interest rate 5% (5.12% APR*).

Minimum Value €500. Maximum value – the value in your shares account.

Repayments to suit you - Weekly, Fortnightly or Monthly.

Covered Digital Loan

However, if you want to go digital, we can offer our lowest rate Covered Digital loan.

Interest rate 3.83% (3.90% APR*).

Minimum Value €500. Maximum value – the value in your shares account.

Repayments to suit you - Weekly, Fortnightly or Monthly.

Loan Application Process

We're here to help with your application from start to finish.

Become a Member

If you’re not already a member, join today. New members can apply for a loan straight away.

Calculate Your Loan

Use our handy online loan calculator to see the repayment amount and total cost for the loan you require.

Apply For A Loan Online

It’s easy. Complete your application anywhere, anytime and upload your supporting documentation through the app or online.

Sit Back And Relax

That’s it, you’re done. As simple as that! Our lending team will review and will be in touch shortly. Keep an eye out on your phone over the next couple of days, our calls will come from an 062 number.

Loan Calculator

We offer low cost loans tailored to suit you.

Select a loan type from the drop down which best suits your borrowing needs.
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*APR = Annual Percentage Rate. Whilst every care has been made in the production of this web page, Affinity Credit Union, or any of its staff, cannot be held responsible for any omissions, errors or other mistakes made. This web page is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing. Loans are subject to approval. Terms and conditions apply. WARNING: 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.

The Requirements To Apply For A Loan With Us

Members of Affinity Credit Union with savings in their account can apply for our Covered Loan up to the value of their shares account.

No proof of income will be requested. However, we must have valid Photo ID, Proof of Address and Proof of PPS number for all our members.

If your photo ID has recently gone out of date, if you’ve changed address, or if you haven’t supplied us with Proof of Address or Proof of PPSN recently, please upload these after you have submitted your loan application. You can upload a copy of these securely through our Document Upload facility in Online Banking or on our Mobile App. Alternatively, you can e-mail this documentation to loans@affinitycu.ie

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Proof of Income

Proof of ID

In the form of a valid, in date:
- Passport,
- Driving Licence, or,
- EU National Identity Card.

Proof of Address

An official document dated within the last 6 months. In the form of:
- Household utility bill,
- Bank Statement, or,
- Correspondence from a Government Department.

Proof of PPS Number

In the form of a:
- Payslip,
- Medical Card/GP Visit Card/Drugs Payment Scheme Card, or,
- Document from the Department of Social Protection or the Revenue Commissioners.

Please note we cannot accept a Public Service Card as proof of ID or Proof of PPSN.
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Member Testimonials

“I was trilled with the process! Amazed at how quickly the loan was approved and funds were in my bank account. Fully satisfied with the process from start to finish.”

“The online application with e-signature was ideal, I didn't even leave the house! It was so easy and straightforward and the loans officer was so helpful, keeping me updated as to the docume...”

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“I thought it was very very quick and very very straighforward. It was exactly what you would want. Nothing seemed too awkward and anytime I had a question, I had an answer straight away. The...”

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“We were delighted to be able to avail of a covered loan and keep our savings intact. The whole process was efficient and everything was explained thoroughly in detail.”

The Benefits of retaining your savings with an Affinity Credit Union Covered Loan

Enjoy our lowest rates with flexible repayment terms to suit you.

Your hard-earned savings remain intact and will be available as the loan balance reduces.

The loan can be available within minutes.

We operate a free-to-member Loan Protection Benefit scheme covering our member’s loan balances.

We operate a free-to-member Life Savings Benefit scheme covering our member’s savings balances.

Our members find a Covered Loan a great way to build a credit record.

Free Loan Protection Benefit

Affinity Credit Union operates a Benefit Scheme whereby we can offer our members cover on their loan balances (Loan Protection Benefit) and their savings balances (Life Savings Benefit) on a FREE-TO-MEMBER basis. There are terms and conditions on eligibility. Visit our Member Benefits & Insurance Services page for more information.

Loans FAQs

Have a question? Check below to see if it is answered in our Frequently Answered Questions.

How much can I borrow?

You can apply to borrow as much or as little as you need. The maximum unsecured loan Affinity Credit Union will lend to a single borrower is €75,000 and the minimum amount is €100 (dependent on loan purpose). All loan decisions are based on affordability, taking into account your income and expenditure, and your credit history.

How much savings do I need to have in my account before I can apply for a loan?

Once you have the minimum €10 balance in your shares, you can apply for a loan. When the loan is being assessed, the loans officer may ask you to lodge additional funds into your shares account to be held as collateral against the loan. As a guideline, this may be between 2-5% of the loan amount requested.

I have an existing loan; can I apply for another loan?

Yes, there is no need to wait until your existing loan is completed. Our top-up facility allows members to apply for a new loan while having an existing loan balance.

What supporting documentation will I need when applying?

This varies depending on the loan amount requested and the purpose of the loan. With all loan applications, we will ask for proof of your income. This would usually be in the form of payslips, proof of social welfare income (copy of post office receipt or bank statements showing lodgements) or proof of self-employed income. Bank statements and other supporting documentation may also be requested. Details can be found on the individual loan pages - Explore all Loans.

How long will my application process take?

Our centralised lending department is optimised for quick loan decisions. Loans are approved daily. Once we have received all required supporting documentation, we will process your application as quick as possible. The sooner we receive your documentation, the quicker we can approve your loan application!