Loans
The Credit Union encourages you to take out a loan as opposed to withdrawing
your savings as long as you can maintain the schedule of repayments. In many
cases this may be a wiser option in order that your hard earned savings remain
untouched.
Most financial institutions which lend money are primarily in business to make a
profit. The credit union is in business to help you, the member. It is policy to meet
the borrowing requirements of all members where possible.
Loan applications by each member are considered by the Board of Directors
through a credit committee or loan officer. The following areas are considered
when reviewing all loan applications.
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The financial character of the member |
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Purpose of the loan. |
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The current record of regular saving. |
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The previous loan repayment record |
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The ability to meet the repayments |
Benefits of Obtaining a Credit Union Loan
Interest Rates
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Reasonable rate of interest is charged. The maximum rate allowable by law is
1% per month. Currently The Lough Credit Union charges just .79% per month
(9.9% APR) |
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Loan interest is calculated daily on the reducing balance of the loan. |
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No hidden fees or transaction charges |
Application is Easy
Members may apply by
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Calling in to meet our staff - Monday to Saturday (both days inclusive), |
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Phone-a-Loan at 1800-410-400 |
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On our On-line Loan Application Form - click HERE.
(Please note this form is forwarded to The Lough Credit Union via Email) |
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Your loan applications is dealt with on its own merits |
Other Benefits
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Flexibility on repayment structures |
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There is no penalty for early settlement of loans |
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Loan Protection Insurance at no additional cost to every eligible member
(up to €40,000). |
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Loans can be issued in stage payments. |
Calculate How Much Your Loan Will Cost You
Our On Line Loan Calculator allows you to work out how much your loan will cost
you. Click HERE.
Loans at Special Rates
The Lough Credit Union offer its members the following special rate loans Car
Loans at 7%
Holiday Loans at
7%
House Purchase Loans at
6.5%
Student loans at 7%
Terms and conditions will apply |
