Loans
Covered Loans
Borrow against your savings while keeping your savings balance in place.
Borrow Against Your Savings
A Covered Loan can be a useful option if you have built up savings and want to borrow without immediately using them. With this type of loan, your savings remain in your account as security while you repay the loan in the usual way. That means you can access the funds you need now while continuing to hold on to the savings you have worked hard to build.
It is a practical solution for Members who want flexibility without starting from scratch. Phoenix Credit Union will guide you through how the loan works, what amount may be available and what the repayments will look like, so you can make an informed decision with confidence.
What We Require From You
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Outgoings
- 3 months' most recent bank statements
- 3 months most recent Revolut bank statement
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Proof of Income
- Employed — recent payslips
- Self-employed — two years’ most recent Notices of Assessment and Tax Clearance Certificate
- Social Welfare — recent payment receipts
- Retired — proof of all pensions
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Identification
- Photo ID — passport, driver licence or Garda Age Card
- Proof of address — recent utility bill, bank statement, household/motor renewal letter, etc.
- Proof of PPSN — payslip or letter from Revenue
How To Submit Documents and Apply
You can submit your supporting documents through any of the following channels:
- Open Banking (preferred method for bank statements)
- Online via the app, directly to your account
- Email to loans@phoenixcu.ie (PDF format preferred)
- In person at any branch
- Web applications — apply online via our website or the Phoenix CU app.
- Phone — contact our Loans Team on Freephone 1800 215 215 (or 01 869 2500).
- Email — send your enquiry or application to loans@phoenixcu.ie.
- In branch — visit any Phoenix Credit Union branch and a member of staff will assist you.
Need a Hand With This?
(01) 869 2500