Need a Loan?

"The Credit Union offer a range of services to our members"

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office, by telephone or fax or if you are very clever submit the forms as an e-mail attachment if you have the facility to scan your signature to complete the form. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer.

What you need when applying for a loan

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the member’s record of savings and loan repayments, as well as ability to repay. Once the loan has been agreed money can be transfered into members accounts usually within three working days.

Remember - only members are eligible to receive loans from your credit union.

Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. five years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, who will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Interest on credit union loans

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

Please contact the office for out interest rates. These vary depending on the amount borrowed but are on average approximatly 0.75% per month.

Please do not be misled by APR’s. Although out APR may appear to be high, because of the way we calculate our interest you will probably pay back far less to the Credit Union. The important thing to check is your monthly repayments and your total interest over the term of the loan. If you require any advice please contact the office.

Lastly remember that all our loans include free insurance. Premiums are paid for you by the credit union.