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Loans

We welcome loan applications from members regardless of how long they have been a member, we also encourage members to save regularly.

 

We will:

  • Base your application on your needs, ability to repay and savings record with us.
  • Ask you to provide proof of income and additional information such as recent bank statements etc.
  • Tailor your repayments to what you can afford.
  • Provide you with a quick response to your application.
  • Insure your loan against death subject to our Loan Protection rules at NO cost to you.
  • Only charge interest on the reducing balance of your loan – the lower the balance the lower the interest cost.
  • Look favourably on your repayments if your personal circumstances change through illness, redundancy etc.
  • Ask your premission to access the Irish Credit Bureau and the Central Credit Register to verify your credit record.  A record of your loan with Letterkenny Credit Union will be placed on the Irish Credit Bureau and the Central Credit Register.

We will NOT:

  • Charge you any documentation, processing or other fees – there are NO hidden or additional costs.
  • Penalise you for early clearance of a loan – you only pay interest on the outstanding balance.
  • Pre-charge you any interest on your loan.
  • Charge you balloon payments.
  • Impose any penalty for surcharge interest on your account even when payments are delayed.
  • Divulge any details about your financial affairs with your credit union to anyone without your consent.

OUR INTEREST RATES

Letterkenny Credit Union charges different rates of interest depending on the purpose of the loan. Current rates of interest are as follows:

(each loan type can be accessed below for more information)

Standard Loan 8.2% APR

Student Loan 7.2% APR**

Household Budget Loan 7.2% APR**

Motor Loan 6.5% APR**

Secured Loan 5% APR**

Seasonal Loan 5% APR ** (on offer at certain times of year)

Terms and conditions apply to each type of loan.

 

Terms & Conditions Apply. All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authorative or legally binding. You are advised to check with our offices for up-to-date rates and offers.

**Additional documentation will be required for this loan.

Special Student Loan Rate: Proof of course required. €10,000 per financial year up to maximum loan balance of €15,000.

Special Household Budget Loan Rate: Maximum loan amount €3,000, maximum loan term 24 months.

Special Motor Loan Rate: maximum loan term 5 years.

Secured Loan Rate: This rate is only available to members wishing to take a loan which is less than or equal to their share balance.  Application <€10,000 only require evidence of identity and address.

Special Seasonal Loan Rate: Maximum loan amount €1,000, maximum loan term 9 months.