Loan Information

Kilcloon Credit Union is owned by its Members and is in business solely to help its Members, regulating its affairs in its Members’ best interests.

Some of the key features of our loans include:

• members can borrow up to €80,000*, even if they have no savings history, or have just joined us*;
• no fees are charged on loan transactions, other than the interest rate applicable to the loan product;
• Loan Protection Insurance is provided on loans* to eligible members at no extra cost (terms & conditions apply*);
• every loan application for a worthwhile purpose will be considered;
• no penalty/fees for early clearance of a loan, with flexible term and repayment options available ;
• interest is paid on the reducing balance only;
• once a loan is approved, members have 14 days in which to drawdown that loan.

*All loan applications are assessed primarily on the ability of the borrow to repay the amount being borrowed over the term required.

Advantages of Credit Union Borrowing

When you receive a loan from your credit union, you will find many advantages in comparison to other financial institutions:

• Your loan application will be dealt with personally & strictly on its own merits.
• Your repayments will be tailored to meet your own personal circumstances.
• Your loan will be insured at no direct cost to yourself
• The interest rate you pay will be reasonable, and interest will be payable only on the reducing balance of the loan.
• The repayment schedule can be adjusted to meet your own changing circumstances if necessary.

Guarantors

Kilcloon Credit Union’s Credit Committee sometimes makes the decision that a loan will be granted only if a suitable guarantor can be found. If a friend or family member asks you to act as guarantor for them, please make sure you fully understand the commitment you are making.

Effectively, you are signing a legal document to say that if this person defaults on their loan, you are willing to take responsibility for it. Consider long and hard as to whether you feel this person will keep up repayments, even if their circumstances change.