Cultivate Loan

Cultivate Loan

Cultivate is the initiative of a group of Credit Unions that provides short to medium term loan opportunities built specifically around the growing needs of our farming members.

Loan Application Process

How to Apply for a loan with Inishowen Credit Union!

1

Become a Member

Once you are living or working within our common bond you are eligible to join us today and start borrowing.

2

Calculate your Loan

Estimate how much you could borrow and calculate your repayments: weekly, fortnightly or monthly using our online.

3

Apply for Loan Online

Apply for your loan from the comfort of your home. Applying for a loan is easy and quick. Apply now!

4

Sit back and relax!

The decisions are made quickly on loan applications and, if is approved, the funds are issued within 48 hours.

 

Loan Calculator

Apply for a loan with interest rates that suit you!

Maximum Loan Amount :
Maximum Loan Term :

€

Term

Repayment Frequency
€
APR
6.76%
# Repayments
Total
Apply for Loan
€
APR
6.76%
# Repayments
Total
Apply for Loan
€
APR
6.76%
# Repayments
Total
Apply for Loan
€
APR
6.76%
# Repayments
Total
Apply for Loan

This calculator is 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 only provides an indicative quote and actual repayments may vary.

Representative Example

The example will help to show you the typical costs associated with a loan

Loan Amount

€20,000

Rate of interest - APR

6.76%

Loan Term

5 years

Total interest

€3,452

Weekly Repayment

€90

Total Cost of Credit

€23,452

Our Approval Rate

We aim to provide a high quality lending service to our members so you can trust in your Credit Union for your lending requirements.

Still have questions?

Still have a question about our loans? See if it's answered here in our frequently asked questions.

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What do I need when applying for a Cultivate loan?
  • A fully completed loan application form
  • 3 months current bank statements (personal & business)
  • 2 years accounts
  • Completed Agri fact find
  • Tax Clearance Cert
  • Most recent Form 11
  • DAFM direct payments letter
  • TAMS Grant letter if applicable

You can email documents to loans@inishowencu.ie (pdf versions are preferred)

Photographic ID, Proof of Address and proof of PPS number may be required, if advised by staff.

Please note we cannot accept the Public Service Card as proof of PPS number.

All loans are subject to approval.

AIS (opening banking)

Speed up your application by signing up for opening banking.

This will authorise us to view your bank statements instantly.

No need to wait for bank statements from your bank.

This Document explains how the process works

What happens if I repay my loan early?

There are no penalties for early loan repayments.

Do I need a business plan?

We use software to access the loan which will automatically produce a business plan.

We will keep a copy and you will also get a copy to keep.

Do I need security for the loan?

No our Cultivate loans are all unsecured.

Do I need to have a borrowing history?

No you can open your account and borrow straightaway.

What can I borrow for?

Whatever you need

  • Invest in new or second hand machinery
  • Upgrade your buildings and facilities
  • Purchase additional livestock
  • Obtain working capital
  • Increase cashflow
Are the repayment flexible?

Repayment schedule to suit your needs.

Pay weekly, fortnightly, monthly, half yearly or yearly.

Do I need a guarantor?

In some cases a guarantor may be required. If you sign as a guarantor this means that you are agreeing to pay the borrower’s Credit Union debt if they default on the loan.