No. The “ease and speed” which the credit is obtained can be at the request and benefit of the borrower and Credit Unions provide a quick turnaround for credit applications. It should be noted that willingness and capacity of a borrower to repay the loan is the primary factor. This is set down in Section 35 (2A) of the Credit Union Act 1997 (as amended) (“CUA”).
“The ability of the loan applicant to repay a loan shall be the primary consideration in the underwriting process of the credit union making the loan or participating in the loan, as the case may be.”
Advertising on credit products in Ireland is covered in detail in Chapter 9 of the Consumer Protection Code and is enforced by the Central Bank of Ireland and the Competition and Consumer Protection Commission. We would view these protections as sufficient and further restrictions are unnecessary at this time as the Code review is ongoing and may lead to changes.