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.
Should a Member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the Credit Union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.
Interest on Credit Union loans
By law Credit Unions cannot charge any more than 12.68% (APR) per annum (1% per month) on the reducing balance of a loan.
Currently St Colman’s Credit Union rates range from 4.6% (APR) to 10.2% (APR), offering superb value. Credit Unions apply no fees or transaction charges.
View our loan calculator to see how reasonable a credit union loan can be. Remember, 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.
Call our dedicated loans line 094 9371159 (Claremorris) or 094 9541402 (Ballinrobe).
Whatever your loan query, contact us, we’re happy to help.