Credit Union Loans

Providing loans for Members is one of the main functions of Drimnagh Credit Union. Loans are provided on reasonable terms to Members, ensuring that money is injected back into the local area for the benefit of Members and the community as a whole.

Loans are provided for cars, home improvements, holidays, education, weddings, computers and any number of other purposes.

Rates of Interest

Drimnagh Credit Union charges an interest rate of 0.805 % per month on the reducing balance of the loan (9.48% per annum). This reduced rate of interest, together with the free loan insurance and other benefits outlined below, make your Credit Union by far the best option for personal loans.

Unlike other financial institutions, the Credit Union does not charge interest on interest or apply any hidden charges.

Duration

The duration of the loan is linked generally to the purpose of the loan. For example, holiday and car insurance loans are normally repaid over one year.

Car loans are normally repaid over a three to five year term, The maximum loan term for loans is 5 years.

Members have the flexibility of repaying the loans more quickly than planned, without any penalty.

Click on the Calculator to check out our on-line loan Calculator

Loan Application Process

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. Our staff will give you any assistance required. Loans will then be submitted to the weekly Credit Committee meeting held every Friday. You may be asked to provide proof of income and a recent bank statement with an application form. Loan applications are sometimes followed up by a meeting with a loans officer prior to a decision. This process is carried out to gain relevant information from our members and to ensure that our members are fully informed about every aspect of their loan application.