So, whether it’s for a car, holiday, home improvements, farming, wedding or for college we want to be your first choice.
We currently have four loan options:
• Personal Loan: No matter what the purpose, you can get a personal loan that is just right for you. The rate for this type of loan is 9.75% (APR 10.2%)
The benefits of a personal loan include:
– Members can fund larger expenditure while retaining their savings in their Credit Union account which will earn dividends every year.
– Loans can be approved within 2-4 days.
– You will still have savings in your account once the loan is repaid.
– No hidden fees or penalties for early redemption or lump sum repayment.
– Free to member loan protection insurance.
Example of a Personal Loan:
| Amount Borowed: | €10,000 |
|---|---|
| Term: | 5 Years |
| Interest Rate: | 9.75% (APR 10.2%) |
| Repayment Amount: | €211.24 Monthly |
| Total Interest Paid: | €2,667.08 |
| Total Amount Repayable: | €12,667.08 |
• Car Loan: Whether you are looking for a new or a used car, we have a great car loan rate. The rate for this type of loan is 7.5% (APR 7.79%)
The benefits of a car loan include:
– Members can fund larger expenditure while retaining their savings in their Credit Union account which will earn dividends every year.
– Loans can be approved within 2-4 days.
– You will still have savings in your account once the loan is repaid.
– No hidden fees or penalties for early redemption or lump sum repayment.
– Free to member loan protection insurance.
Members who avail of a car loan will have two months to produce the car log book or loans will revert to the personal loan rate.
Example of Car loan
| Amount Borrowed: | €10,000 |
|---|---|
| Term: | 3 years |
| Interest Rate: | 7.5% (APR 7.79%) |
| Repayment Amount: | €311.06 per Month |
| Total Interest Paid: | €1,195.04 |
| Total Amount Repayable: | €11,195.44 |
• Secured Loan: A secured loan allows you to borrow up to the value of your savings at a lower rate than personal loans. A secured loan is a cost effective way to access funds while leaving your savings untouched and available for future needs. The rate for this type is 5.9% (APR 6.07%).
The benefits of a secured loan include:
– You can be approved for a secured loan on the day of application without providing bank statements.
– Most members find it easier to repay a loan rather than to replace savings.
– No risk involved for the member as their shares can be used to repay loan if member feels under pressure.
– You can continue to earn dividends on your savings.
– Your savings will then be released once you have repaid the loan in full.
– No hidden fees or penalties for early or lump sum repayment.
– Free to member loan protection insurance.
Example of a Secured Loan:
| Amount Borrowed: | €10,000 |
|---|---|
| Term: | 5 years |
| Interest Rate: | 5.9% (APR 6.07%) |
| Repayment Amount: | €192.86 per Month |
| Total Interest Paid: | €1,568.30 |
| Total Amount Repayable: | €11,568.30 |
• Student/ Education Loan: St Colman’s Credit Union wants to ease the financial burden which 3rd level education places on students and their families which is why we are offering an excellent student loan rate of 7.5% (APR 7.79%).
The benefits of a student loan include:
– Students can focus on their studies rather than money worries as rate is so low.
– Students can cover costs such as college fees, accommodation, travel expenses etc.
– This is a great way for younger members to gain a good credit rating history.
– Student loans can be approved within 2-4 days.
– No hidden fees or penalties for early or lump sum repayment.
– Free to member loan protection insurance.
Example of a Student Loan:
| Amount Borrowed: | €10,000 |
|---|---|
| Term: | 5 years |
| Interest Rate: | 7.5% (APR 7.79%) |
| Repayment Amount: | €200.38 per Month |
| Total Interest Paid: | €2,018.37 |
| Total Amount Repayable: | €12,018.37 |