We welcome loan applications from members regardless of how long they have been a member, we also encourage members to save regularly.
- 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 Central Credit Register to verify your credit record. A record of your loan with Letterkenny Credit Union will be placed on 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.