| General
Joining
Savings
Loans
Other Services
Loans
Q.
Who can borrow from The Lough Credit Union?
Q.
How long does one have to be a member before one can
borrow?
Q.
How much can one borrow?
Q.
How much will The Lough Credit Union loan cost?
Q.
How many years can one borrow over?
Q.
What will be considered when reviewing all loan applications?
Q.
How does one repay a loan?
Q.
Can you arrange repayments to suit ones particular needs?
Q.
What happens if one can't afford to pay their loan?
Q.
How does one apply for a loan?
Q.
What is Loan Protection Insurance?
Q. Can one repay off
their loan through Payroll Deduction?
Q.
What about if one has had arrears or difficulty paying in the past?
Q. Who
can borrow from The
Lough
Credit Union?
A.
Only Members are
eligible to apply for loans with
The Lough Credit Union
Top/Home
Q.
How long do I have to be a Member before I can borrow?
A. There is
no
strict time limit on being a Member to apply for a loan, but it is
recommended
to save for a number of months before applying for a loan. Once a loan application
has been made, you
should normally receive a response within 24 hours. Many loans are
applied for
and paid out immediately (subject to certain criteria).
Top/Home
Q.
How much can I borrow?
A. There are
no
strict amounts a Member can apply for as each application is assessed
on its
own merit and on the ability of the member to repay the loan.
Top/Home
Q.
How much will The Lough Credit Union loan cost?
A. Repayments
are
designed to meet your individual needs and you can pay off your loan at
any
time without penalty. The
existing loan
rate is 9% (9.48% A.P.R) Car,Holiday
and Student Loans are
at a reduced rate of interest i.e. 7% (7.23% A.P.R.)
Top/Home
Q. How
many years can one borrow over?
A. At the
present time our recommended loan period is 5 years.
Holiday
loans and
loans for Christmas, Car insurance, and other annual purposes should be
repaid
over 12 months.
Top/Home
Q. What
will be considered when reviewing all loan applications?
A.
·
The repayment capabilities of the member to
repay
·
Purpose of the loan
·
The current record of regular savings
·
The previous loan repayment records
·
The ability to meet the repayments
Top/Home
Q. How
does one repay a loan?
A.
You have several options to repay your Credit Union loan. You can pay
by Direct
Debit, Payroll Deduction, and Standing Order or by calling in to any of
our two
offices
Top/Home
Q. Can you arrange and repayments to suit my
particular needs?
A. Yes
any staff member will assist you.
Top/Home
Q. What happens if I can't afford to pay
off my loan?
A. Come
and talk to us immediately if you
foresee any difficulties. Credit unions are run by their members, for
their members.
If you run into difficulties we will find a way to help and support you
to
repay your loan. This
is an important
difference between The Lough Credit Union and other financial
institutions.
Top/Home
Q.
How do I apply for a loan?
A. You
can apply for a loan in the following ways:
You
candownload our loan application form.
Calling into any of our offices during
business hours.
Call
ourPhone-A-Loan 1800 410 400
Top/Home
Q. What is Loan Protection Insurance?
A. Loan Protection
Insurance is the insurance cover your Credit Union provides on the
lives of
eligible members with credit union loans.
Members
are automatically eligible for cover provided:
- They
are carrying out normal duties of their occupation
- They
are in good health
*Terms
and Conditions apply
Members
not working through unemployment, redundancy etc, are
automatically eligible for cover provided that they are fit to carry
out the
normal duties of their occupation.
Retired
Members are automatically eligible for cover provided
that they are in good health. Housewives
and students are automatically eligible for cover provided they are
carrying
out their normal duties.
Any
Member not falling into one of the above categories is
not automatically eligible for cover and a Declaration of Health Form
must be
completed by the Member and forwarded to The Irish League of Credit
Unions, the
umbrella organisation, for their consideration.
In
Joint Accounts, the first named Member who signs the
credit agreement is eligible for this insurance.
Should
a member with an outstanding loan balance die, the
balance is repaid in full, subject to certain cover limits which may
apply. You
should enquire when making your loan application to see if you are
eligible.
This means that you can borrow from your Credit Union in confidence
that your
dependants will not be obliged to repay the outstanding loan balance.
This
insurance does not cover loan balances due by members after their 80th
birthday.
The insurance
is underwritten by the credit union
movement's insurance company, ECCU Assurance Company Limited and is
paid for by
credit unions from their surplus income. Members pay no individual
charge.
Top/Home
Q. Can
one repay off my loan through Payroll Deduction?
A. Yes,
you can easily switch to repaying your loan by Payroll
Deduction. Just ask at either one of our branches to transfer the
payment of
your loan to a Payroll Deduction Scheme.
Top/Home
Q. What
about if I have had arrears or difficulty
paying in the past?
A. We understand
that an account may fall behind for a few weeks from
time to time. As long as one brings this up to date within a short
period of
time, and maintains this repayment in line with their agreement, we are
pleased
to consider new loans.
If one has had arrears that warranted a period of correspondence, one
may need
to establish a fresh track record over a six month period.
Top/Home
|
