Credit Union loans are better in many ways:
- Loans are insured at no direct cost to the eligible member. *Subject to terms and conditions.
- There are no hidden fees or transaction charges.
- Reasonable interest rates.
- Flexible repayment terms to suit your particular circumstances.
- You can repay the loan earlier with no penalty.
- Additional lump sum repayments accepted with no penalty.
- Freedom to make larger repayments than agreed with no penalty.
Ballinascreen Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated with the utmost confidence and will be considered on its own merits. There is no waiting period nor is there a requirement to have a certain amount saved prior to making an application although we like to see a pattern of saving developed over 4 – 6 weeks. The main requirement for all loans is that the member has the capacity to repay. The maximum loan currently available is £15,000 on top of shares and the maximum repayment period for unsecured loans is five years.
To apply for a loan, a member must complete a loan application form and return it to the credit union. This application will then be reviewed by the credit committee (every Thursday night), who will decide if the loan can be approved. The credit union charges 1% interest per month on a reducing balance for loans with an interest rebate paid at the end of the year.
To download a loan application form please click Here
