Did you know that Letterkenny Credit Union like other credit unions is uniquely different to other financial institutions? There is one very important difference; credit unions are not-for-profit.
That’s right – credit unions exist only for the benefit of the people who use the credit union, called the members of the credit union. Credit unions are not motivated to make profits for the stock markets or shareholders. They only strive to make a surplus so they can either return this surplus to their members in the form of a dividend, or a loan interest rebate for those members who have loans with the credit union. Or, they might re-invest the surplus in the credit union to improve and enhance facilities, products and services.
Every credit union is run independently, so each credit union makes its own decisions at a local level. The services and products offered by Letterkenny Credit Union are tailored specifically to suit the best interests of our members, and so services might vary from credit union to credit union.
All credit union members however will receive a range of benefits – some not offered by any other financial institutions. Read on to find out the top advantages to being a Letterkenny Credit Union member.
Nomination of Accounts
Never heard of it? Well that’s because it is a unique facility offered only by credit unions! Members over 16 years of age can nominate who will receive the money in their account when they die. Having a nomination means that the money left in a members’ account in a credit union (up to a maximum of €23,000) will not have to pass through the sometimes timely probate or intestacy process, and will go straight to your ‘nominated’ person.
Loans and Savings Are Insured
A member’s loan and savings in our credit union are insured at no direct cost to them. Loans are insured by our credit union’s own policy. This means that in the event of a borrower’s death, their loan will be paid off, and will not fall to their family to pay. (Subject to terms, conditions and eligibility criteria).
Flexibility with Loan Repayments
Letterkenny Credit union is very flexible when it comes to loan repayments. This means that if a member finds they can pay back the loan faster than originally thought, they are free to do so without any penalties or additional costs. Similarly, if the member finds that their financial circumstances have changed and they can no longer afford the loan repayments they had originally agreed to, our credit union will work with them to restructure the repayments in a way that better suits their new circumstances. As an added bonus, there are never any hidden fees or administration charges with a credit union loan. You can find out more about the great range of affordable loans on offer by visiting our website.
Letterkenny Credit union will always consider every loan application individually, and we will take the time to hear your story, and all of the reasons behind the loan. We do not automatically refuse a loan application from a person in receipt of social welfare, or who may not have the best credit history and will work to see how we can help our members.
Your Community Benefits Too
Letterkenny Credit Union is committed to supporting and developing our local community. We use funds available to sponsor and/or donate to local youth initiatives, charities, sporting clubs and cultural events.
With benefits like these, it’s little wonder there are 3.6 million credit union members on the island of Ireland!