Private Microcredit Scheme – It’s A Good Idea loans


The non-public Microcredit Scheme provides credit that is small loans at low interest. The loans can be obtained to individuals getting a social welfare repayment and also require trouble getting credit off their sources. The scheme is designed to lessen reliance upon moneylenders with extremely high interest levels. The loans are known as it’s a good idea loans therefore the scheme has been rolled down nationwide.

You may get an inventory of participating credit unions in the it creates Sense Loan internet site.

You should be getting a social welfare repayment to be eligible for an it seems sensible loan. You are able to apply to borrow between €100 and €2,000 and an interest that is maximum of 12% (12.68percent APR) will apply.

If you’re perhaps not an associate of the regional credit union you are able to join very quickly (so long as you reside the neighborhood area) and start to become considered immediately for an it’s a good idea loan. Loans is given quickly – in many cases in 24 hours or less – but frequently within a week that is working.


It’s a good idea loans are accessible to individuals aged over 18 that are:

    Getting a social welfare repayment


  • Consent to repay the mortgage through family members Budget Scheme or by standing purchase or direct debit if your social welfare payment is compensated right into a bank or credit union account
  • It is possible to make an application for that loan for just about any function, including payment of a outstanding financial obligation. It is possible to simply just take away a loan for the very least amount of a month as much as a optimum of 24 months.

    The scheme guidelines may vary between credit unions. As an example, some credit unions can offer loans at small amounts or ask an associate to truly save for a quantity of the time|amount that is certain of before using for a loan. Contact your local credit union for details. See ‘Where to apply’ below.

    The choice to give that loan therefore the level of, stays completely aided by the credit union. There is no need an automated entitlement to a loan.


    The minimal loan amount is €100 and also the optimum quantity you’ll borrow is €2,000.

    You have to repay your loan each week social welfare repayment through family members Budget Scheme or by direct debit or order that is standing your bank or credit union account. The utmost deduction permitted beneath the domestic Budget Scheme is 25% of the regular social welfare re payment. This consists of any kind of deductions which you may currently have beneath the Household Budget Scheme (as an example, for rental or for home bills).

    The maximum interest rate that credit unions will charge for an it’s wise loan is 1% 30 days or 12% per year (12.68% APR).

    The It’s Wise loan

    How exactly to use? You make an application for an it’s wise loan using your credit that is local union.

    Joining the credit union

    You will need to provide if you are not already a member of the credit union:

    • Evidence of your identification – as an example, an ongoing passport or driving licence
    • Proof your target – as an example, a present utility bill or Government-issued document such as for example a page through the Department of Employment Affairs and personal Protection, and
    • Your PPS quantity

    Obtaining an it seems sensible loan

    You’ll want to bring 2 consecutive social welfare slips (from in the past 30 days) if you collect your regular re re payment during the post office, or 2 months bank/credit union statements in the event that you receive your social welfare re re payment as a bank or credit union account, to your credit union.

    Your neighborhood credit union will allow you to fill a loan application form out and complete the form allowing deductions through the home Budget Scheme.

    Where you should apply

    The mortgage is available at credit unions through the entire national nation while the wide range of credit unions participating is increasing as more credit unions join the scheme. The Sense Loan web site has a listing of participating credit unions.

    You could get information and advice about cost management through the community of income guidance and Budgeting solutions (MABS):

    Commercial HouseWestend Commercial VillageBlanchardstownDublin 15Ireland