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Tel: 01 6244930 Fax: 01 6244790 Email: info@leixlipcu.ie

20 August 2017
Loans

Lending rates in our Credit Union have never been more competitive.

Check out our current interest rates:

Covered Loan

6.94% APR

One for One Loan

6.94% APR

Standard Loan


 

10.09% APR



Click to DownloadDownload New Loan Application (1062.1kb)

Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form.

Loans can be applied for:

  • By calling into our office

  • By phone

  • By email

  • Via the members section on the web site

Our staff members will give you any assistance required. Loans are assessed on a daily basis by our loan officers.


What you need when applying for a loan

In deciding whether or not to grant the loan, the loans officer will take into account the memberís record of savings and loan repayments, as well as the ability to repay. Once the loan is granted the member will be asked to complete the credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

To qualify for a loan you must be a member of Leixlip & District Credit Union.


Planning and managing repayments

  • There are no hidden fees or transaction charges.

  • Repayments are calculated on reducing balance, so members pay less interest with each repayment.

  • Once a member is eligible for a credit union loan, repayment terms can be designed around their needs.

  • Your credit union loan is insured - subject to terms and conditions - at no direct cost to you, the member.

  • Members can pay off their loan early, make additional lump sum repayments or increase their regular repayments, without a penalty.

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 

Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.


Interest on credit union loans

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be.

We also have regular promotional rates of interest. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.


 


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Leixlip & District Credit Union Tel: 01 6244930 Fax: 01 6244790 Email: info@leixlipcu.ie Web: http://www.leixlipcu.ie
Leixlip and District Credit Union Limited is regulated by the Central Bank of Ireland. Reg. No: 316CU