Covered loan

keep your savings intact.

Don’t blow all your savings for that next big purchase, take a Covered Loan with us instead. Borrow at a discounted rate and keep all your savings intact.

Promotional Interest Rate of




Payments over

1-5 yrs

Monthly repayments

on your MFCU Covered Loan

LOAN AMOUNT€5,000€30,000
APR 7.22%7.22%
MONTHLY REPAYMENTS (5 years)€98.98€593.89
TOTAL COST OF CREDIT€5,938.94€35,633.67

HOw to apply

Apply online

Apply Online

To apply online, you firstly need to login to your MFCU account on our website or mobile app.

It is important to note that your account must have fully up-to-date proof of address and ID before applying for an end-to-end loan.

Loan Documents

Loan Documents

As part of this process you will need to upload documentation to support your application, please ensure you have your proof of ID and some recent payslips ready before continuing.

You must decide your preferred terms of the loan such as payment frequency and loan period before uploading relevant documents.

Loan Decision

Loan Decision

An MFCU loans officer will contact you by phone in regards to the application. If approved, you will then have to sign your credit agreement on your online account. 

Funds Drawdown

Funds Drawdown

Once the credit agreement is signed, the loan funds will be transferred straight into your bank account.

How to qualify

for an MFCU Covered Loan

You must be a registered MFCU member to apply for a loan with us. We welcome any new members that live, work or study within our common bond to join our North Dublin credit union today.

Loan Calculator

Check your repayments using our loan calculator. If you’re happy with the repayments, submit your details and we’ll call you back within 24hours to jump start your loan process

Benefits of
mfcu loans

Online loans

Apply for a loan from the comfort of your home.

Reduced interest

Pay less overtime as your balance decreases.

Online Top Up

Quick Loan top up with the MFCU mobile app or desktop.

Full support

We’re always here to help. Call us or use Live Chat.

Loan protection

Built in insurance in case on extreme circumstances.
T&C apply.

Is a Covered Loan with the credit union secured?

Yes, an MFCU Covered Loan is secured by the savings you have in your account. You can borrow up to the value of your savings, repay at a discounted interest rate and your savings will still be there for you when you’re finished paying off your loan.

THE Loan Zone


What is a Covered Loan?

A MFCU Covered Loan allows you to borrow an amount equal to your savings in a fast & secure way. It’s one of the easiest & cheapest ways to borrow from us, with our discounted interest rate of 6.99%.

What can I do with a Covered Loan?

You can use a MFCU Covered Loan for almost anything you need to borrow for. Whether that be to pay for a holiday, to fund a wedding, or for something else entirely – you can make it happen with a Covered Loan from Member First Credit Union.

What is the difference between unsecured and secured loans?

A secured loan uses security or collateral to support the loan (like a mortgage), while unsecured loans do not attach collateral to the debt. For instance, with the MFCU Covered Loan, members can borrow at a signifcantly reduced interest rate as the loan is secured by their savings with us.

Can I overpay my repayments on the loan?

Yes, of course! With MFCU, there is no penalty for early or lump sum repayments on our loans (excluding Mortgages).

How long does it take for loan approval?

We aim to come back to you with a decision within 24 hours of receiving your loan application. With an MFCU Covered Loan, we can approve the loan very quickly because we don’t need supporting documentation as the savings are used as security.

we’re here to help

Click here for Covered Loan Terms and Conditions.

Lending criteria, terms and conditions apply.
Member First Credit Union is regulated by the Central Bank of Ireland.

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.