It is the responsibility of the Board of Directors to appoint a Credit Committee of three or more members, who shall consider all loan applications.

The membership of the Committee shall include at least one Director, but shall not include the President, Secretary or Treasurer of the Credit Union. The Committee shall hold meetings as the business of the Credit Committee may require. In Larne Credit Union meetings are held on a weekly basis. The duty of the Credit Committee is to carefully enquire into the character and financial stability of each loan applicant and the security offered to ascertain his/her ability to repay the loan fully and promptly and to determine whether the loan is for a provident or productive purpose.

A loan can only be approved with the unanimous approval of the Committee members present and that they constitute a majority of the Credit Committee.