9 Great reasons to get a loan from your Credit Union

  1. Loans tailored to members needs
  2. Competitive repayments
  3. Speedy loan decisions
  4. No interest charged on interest due
  5. Interest charged on reducing loan balance
  6. No hidden or additional costs
  7. No balloon payments
  8. Life Insurance at no extra individual cost
  9. Flexibility to make larger repayments penalty

Call to our office or give the office a ring on 094 9860522 where our staff will assess which loan product best suits you.

Applicants will be asked to provide current photo ID and current proof of address to keep our records up-to-date.

For all loan applications over €2,000 (unless secured by shares) applicants will be required to provide proof of income i.e last 3 payslips\social welfare receipts together with last 3 months postal bank statements.

In certain circumstances you may have to provide your Employment Contract and in the case of self-employed persons audited accounts and tax clearance certificate will be required.

  • The Irish Credit Bureau will be consulted as part of your application except in the case of secured loans.
  • Only members of Ballaghaderreen & District Credit Union Ltd can apply for a loan
  • Failure to keep your repayments up to date may affect your credit rating
  • There are currently 3 types of loan products on offer with the Credit Union
  • Eligibility terms and conditions apply to each product, please ask our staff for details

 

Standard Loan

This product is available to all members for any provident or productive purpose.

The loan rate for this product is 10.2% (APR 10.75%)


Secure Loan

This product is available to all members who apply for a loan fully secured by shares.

The loan rate for this product is 5.5%


Education Loan

This product is available to all members for 3rd level expenses. Proof of Loan purpose will be required. Where students are borrowing members – a suitable guarantor will be required.

The education loan rate is 6.0%

What is a student loan for?

For most people, the transition into third level education is a major change. Whether you’re living at home with your folks, in lodgings, an apartment or a house-share, student life means a whole new way of living. You have more choices to make- when to study, when to work, when to have fun and how to look after your money.

A student loan can help you in many ways, whether its to pay for registration fees, rent, books, course material or just living expenses. At this expensive stage in life, you’ll find your local Credit Union is there to help you.

Student loan

There are no fees, no transaction charges, no penalties for early repayment and your interest repayments go down as the loan is repaid.

Your student loan is also insured at no direct cost to you the member.

Your Credit Union will quote you a competitive interest rate, compare them – along with other benefits – and you’ll find a Credit Union loan is low risk, low cost and high value. Eligibility terms and conditions apply to each product


Car / Special Rate Loan

Lending rate is 6.5%

Terms & Conditions

Special Rate Loan

  • Amounts €20k and above.
  • We may require proof of loan purpose.
  • Minimum Loan term 5 years and max 10 years.
  • Members cannot top-up existing home improvement loans to the new rate unless they clear outstanding loan balance first.
  • Members have the option of having a separate loan at the new rate subject to loan limits.

Car Loan

  • Amounts €5k and above
  • Cheque made out to dealership or individual from whom the vehicle is purchased.
  • Members cannot top-up existing car loans to the new rate unless they clear outstanding loan balance first.
  • Members have the option of having a separate loan at a new rate subject to loan limits