Credit union loans average €8,000 as members get wealthier

CREDIT unions are increasingly lending larger sums of money as borrowers seek finance for new cars, home improvements, foreign holidays and even stock exchange investments.

Members are borrowing larger sums as Ireland becomes increasingly wealthy and provides more jobs than ever before.

The Irish League of Credit Unions (ILCU), which represents most of Ireland’s 525 such groups, said the higher value of loans reflected changes in society since 1958, when the first such union was set up.