Loans we offer
We encourage you to manage your money by structuring the loan around your needs and ability to repay.
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Why borrow with us?
- In 2015 we paid 25% loan interest rebate which meant that our members received one quarter of all interest paid back into their savings. This was the highest rebate ever paid by Cahir Credit Union and was very well received by our members
- We encourage you to manage your money by structuring the loan around your needs and ability to repay
- Ease of payment — you can phone our office with your debit card details and pay up to a max of €500 to your savings or loan
- We offer you the facility to pay your loan by Standing Order
- No penalties are charged on early repayment of loans. If you want, you can pay more than the agreed repayment amount and you will clear the loan faster!
- Loans operate on a reducing balance so as your loan reduces so does the interest
- Credit Union Interest rates are fair and reasonable and capped by Law
- Loan interest rebates are paid where possible which further reduces the cost of the loan
- Your Credit Union loan is insured (subject to terms and conditions) at no extra cost to the member with Loan Protection Insurance
- Your savings are protected under the Government's Deposit Protection Scheme up to a maximum of €100,000 per member
- Your Credit Union is a "not for profit" financial cooperative where all surpluses are paid back to members
- We've served this community for over forty years
How to Apply
To apply for your first loan you must establish a savings record for at least ten weeks and have made a lodgement each week for that period.
Loan Application Stages
- Complete Loan Application Form
- Member to provide relevant documentation i.e. proof of income and bank statements
- Credit Committee will consider and decide on loan applications weekly on a Monday night
- The decision will be communicated to the member the following day
The Credit Union deems it appropriate and prudent to have a robust procedure for reviewing loan applications. This is driven by three main objectives: protecting our members' savings, protect individual members from over-borrowing and to adhere to stricter regulatory guidelines.
The primary consideration in reviewing an application is the member's ability to repay the loan for the duration of the term loan. Due to the volatile and unguaranteed nature of some income, overtime, temporary allowances and rental income from property or commericial interests, we need to carefully access all information provided.
However, this income can be used by the memeber to make lump-sum repayments on the loan if they choose to do so. The type of income that is considered in relation to ability to repay the loan is the guaranteed income of the member (and that of their spouse/partner if applicable).
There are three different ways to make your loan application:
- Call into the office during opening hours and make your loan application (Note that we close on Thursdays but open until 1pm on a Saturday)
- Make your application over the phone (052 74 41843)
- Email email@example.com with loan amount, purpose, desired repayment and contact number. We will do a call back and talk you through the application and process.
- For loans less than member's share balance – supporting documents are not required.
- The Relaxed Loan – borrow up to €2,000 above your shares. Call and talk to our tellers at the counter. This loan is hassle free as NO proof of income or bank statements are required. (The Loan Officer reserves the right to seek additional paperwork where they feel it is appropriate)
All other applications – the following documents are required (copies and electronic print-outs are acceptable):
- Three recent pay slips or other proof of income
- A recent bank statement showing at least three months transactions
- We may also request Credit Card statements for the previous month where applicable
- The Credit Committee reserves the right to request additional documentation where necessary
- Current set of audited accounts
- Current bank statements showing at least three months transactions
- The Credit Committee may request additional documentation where necessary
The New "Secured Loan"
Cahir Credit Union are now offering a new attractive loan rate of 8% (8.3% typical APR) for new loans that are backed by your savings. Why use your savings when you can get a Secured Loan from us at a great rate!
- Very attractive interest rate of 8% (Typical APR 8.3%)
- On the spot approval and instant pay out
- You can maintain your nest egg as hard earned savings remain intact
- Most people find it easier to repay a loan than replace savings
- Convenient payment options e.g. standing order facility and pay over phone using Debit Card
- Online account viewing so that you can monitor repayments
- We can arrange an affordable repayment plan for you
- Ideal option if you do not want to effect the insurance that has built up on your savings over the years
- Credit Union loans benefit from FREE Life Loan Protection Insurance and are cleared in full in the event of your death or permanent disability, subject to age and health restrictions
- No fees or charges
All new Secured loans will qualify for the reduced rate once the new loan is within shares. Your Secured Loan will be shown separately to any existing loans.
To talk to any of our staff today about a Secured loan and the different repayment options, drop into any of our offices or call us on 052 74 41843. For more information email firstname.lastname@example.org.
Example of Cost of Credit:
A secured loan of €1,000, paid over one year, will have an initial weekly repayment including interest of €20.77 which will reduce as your loan decreases. With APR unchanged the total cost of credit for this loan is €40.64. The total repaid by the member would be €1,040.64.
Loan Protection Insurance
Loan Protection Insurance is Life Insurance on your Credit Union Loan. Subject to terms and conditions if you die your loan dies with you and is not passed on to your dependants.
Cahir Credit Union Ltd. insures all eligible member loans at no extra cost to the member so a big advantage to being a member that borrows with Cahir Credit Union is that we pay the premium on your behalf.
Cover ceases on the member's 85th birthday. Loan Protection insurance is extended to include total and permanent disability from any occupation.