Loans at Banagher Credit Union
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Banagher Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay.
Why a Banagher Credit Union Loan is different;
- There are no hidden fees or transaction charges.
- Our interest rates are fair and reasonable compared to others in the market.
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
- Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this.
- You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
- Free Loan Insurance Cover provided.
How do I apply for a loan?
To begin with, you have to be a member of Banagher Credit Union. Please visit us to discuss your requirements.
For loan applications, we require the following documents
- Three most recent payslips
- Bank account statement for previous 2 months
If you are including your spouse’s /partner’s income on the application, we will require the above documents for him/her.
In all cases above the Credit Union reserves the right to request other documents in certain circumstances.
Rescheduling of Loans
If a member is in financial difficulties, there are a number of options available to assist him/her in rescheduling the loan. An appointment should be made with the Manager to discuss all the options available to the member. Any discussions in relation to rescheduling loans will be treated with the utmost confidence.
Where the option to reschedule a loan is being applied for after a three month trial period, a new loan application form must be completed and sent to the Manager with all the supporting documents.
The application will be reviewed by the Manager and the Credit Control Committee.
It is important to note that, under regulations issued by the Central Bank, which came into effect on the 1st of November 2010, no further can be granted to a member who has rescheduled a loan, unless in exceptional circumstances, until such time as the loan is cleared.
