Loans
You may require a loan for different life events – holidays, house refurbishment, car purchase etc. At Ballinlough Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay.
Why Ballinlough Credit Union Loan is different;
- There are no hidden fees or transaction charges.
- Our interest rates are fair and reasonable compared to others in the market.
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
- Your Credit Union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this.
- You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
Our loan rates start at of 5%*, means you can borrow at a reasonable rate of credit compared to other financial providers – compare us to other financial service providers and you will see that you get a great deal at Ballinlough Credit Union.
Please note that top-up loans are deemed as new loans.
Our Loan Calculator
FAQ
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
They continue to earn a dividend.
They continue to benefit from the Life Savings Insurance protection
Every share you hold with Ballinlough Credit Union within a year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*
*Past performance is not a reliable guide to future performance.
The amount of your dividend will depend on:
- The amount of shares you have saved (one share is equal to €1).
- The surplus income available for distribution by your Credit Union to members.
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and Credit Unions. Please see the Central Bank of Ireland’s website for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
How do I apply for a Loan?
To begin, with you have to be a member of Ballinlough Credit Union. For more information on becoming a member please click here.
For members, please visit or call us and we can discuss your needs and give you an application form.
Members are advised to bring in documentation in support of their application i.e. pay slips, P60s, bank statements etc.
Loans are subject to approval. Terms & Conditions apply.