A Credit Union Loan has some very special features:
- Loans are insured at no direct cost to the eligible member
- No hidden fees or transaction charges
- Very reasonable interest rates
- Repayments calculated on the reducing balance of the loan & this means smaller interest repayments as you repay your loan
- Repayment terms to suit your particular circumstances
- You can repay the loan earlier with no penalty
- Additional lump sum repayments accepted with no penalty
- Flexibility to make larger repayments than agreed with no penalty
How much does a Credit Union loan cost?
Malahide Credit Union can provide you with details of current interest rates. However, by law, a credit union cannot charge more than 1% per month on the reducing balance of your loan. That means a €1,000 loan repaid monthly, over one year will cost you a maximum interest payment of €65. Normally there are no fees or transaction charges. Check out our public Loan Calculator for a loan that suits you.
Because credit unions represent the members who save and borrow with them, you’ll find your credit union is very flexible. Your credit union can help you choose a repayment plan which suits you. If your circumstances change and you want to alter your repayment plan, your credit union is there to help. It’s also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charge.
How do I apply for a loan?
Only Credit Union members can apply for a credit union loan. Why not print off a loan application form and call in to our office where we can assist you with your application? Or call us at 01 845 1400. If you are not a member, why not visit our membership application page for details on joining the Credit Union. In addition to loans, there are many other benefits available to members.
