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.

Applications for loans are made on a standard loan application form. Loans can be applied by calling to our office or by telephone. Our staff will give you any assistance required. Loans will then be considered by a Loans Officer, or will go to the weekly Credit Committee meeting.

What you need when applying for a loan

In deciding whether or not to grant the loan the Loans 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 promissory note, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Planning and managing repayments

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 currently the maximum loan term. 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.

Interest on credit union loans

Ballinascreen Credit Union loan interest rate at 0.75% per month on the reducing balance of a loan is very competitive. This represents an interest rate of 9% APR (Annual Percentage Rate). With interest being charged on the reducing loan balance it means as you repay your loan, you pay less and less each week or month. Credit unions do not charge fees or transaction charges. View our loan calculator to see how reasonable a credit union loan could be. 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.

11 good reasons for borrowing from Ballianscreen Credit Union.

Competitive interest rates – compare with rest and go with the best.

Easy application process and speedy decisions.

Loan Protection Cover is provided at no extra cost - if you die your outstanding loan is paid off.

Pick the repayment option that most suits YOU!(weekly, fortnightly, monthly, etc)

Flexible repayments – there is no penalty for paying off your loan early.

Interest charged on the reducing balance - you only pay on what you owe. (Loans may be drawn down in stages).

Opportunity to re-schedule the loan if difficulties arise.

No hidden fees or charges to you.

No loan is too small.

Taking a loan instead of withdrawing your savings means your savings remain intact thus keeping all the insurance element already                                                        added to them under our Life Savings Insurance and your potential to borrow in the future remains good.

Credit Union is open at times that suit YOU!