Loans
Talk to us about a loan
Whether you are looking to upgrade your home, buy your dream car or further your education, we have the right loan for you.
Our loan rates are fair and equal to all of our Members.
Benefits of a Ballinamore CU Loan
Our interest rates are fair and equal to all Members
There are no hidden fees or transaction charges
You may pay off your loan early without penalty
Our Loans at a glance
Loan Calculator
Maximum Loan Term :
9.35%
9.35%
9.35%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Representative Example
A representative example is a term used in financial regulations. The example will help to show you the typical costs associated with a Share Secured Loan for a certain amount.
Loan Amount€10,000 | Loan Term5 years |
Interest Rate APR2.99% | Monthly Repayment€179 |
Total Interest€768 | Total Cost of Credit€10,768 |
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 to our office, by telephone or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer or at a Credit Committee meeting.
In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a credit agreement, which is a legally binding document.
Remember - only members are eligible to receive loans from your credit union.
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. 5 years is the maximum term for most types of loan. 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.
There are no penalties associated with clearing your loan quicker than agreed.
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. We offer several different 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.
Notice: Under the Credit Reporting Act 2013 lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register from 30 June 2017. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on you credit applications and credit agreements. Click here for more information
Not a Member?
Joining the Credit Union is the best decision you could take for your money. To become a member of Ballinamore Credit Union, you will need to fill in the Membership Application Form online. Once you have completed the form, a member of staff will be in touch with you.
