Loans at Dunmanway Credit Union Limited
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Dunmanway Credit Union Limited we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.
There has been no better time to borrow from Dunmanway Credit Union Limited we are always conscious of the need to offer product value to our members. With this in mind we have decided to launch 4 new promotional Loan Rates for a limited period. So hurry and check out these competitive offerings while they last.
Current interest rates:
- 9% Standard Personal Loans (9.4% APR)
- 8.20% Promotional Home Improvement Loan (8.50 % APR)
- 7.99% Promotional Car Loan (8.30 % APR)
- 7.50% Promotional Educational Loan (7.80 % APR)
- 5.99% Promotional Secured Shares (6.20% APR)
Terms & Conditions apply to all Loans
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- 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!
Our Standard Loan rate is 9% (9.4% APR) which is very favourable and competitive compared to other financial providers - compare us to other financial service providers and you will see that you get a great deal at Dunmanway Credit Union Ltd.
Only cost €46.11 in interest for the year
Only cost €41.99 in interest for the year
Only cost €40.89 in interest for the year
Only cost €38.28 in interest for the year
Only cost €30.47 in interest for the year
In some cases a guarantor may be required where the person seeking the loan may not have sufficient means to secure the loan on their own. If you sign as a guarantor this means that you are agreeing to pay the borrower's Credit Union debt if they default on the loan.
When you choose to borrow from Dunmanway Credit Union Limited, you must complete a Loan application form either over the phone or call into the office.
As part of the Lending Compliance you will be required to provide documentation as listed below.
Once your application has been approved, you will be required to call into the office and complete a Credit Agreement.
A Credit Agreement, once signed, is a legally binding contract between you the member taking out a loan and Dunmanway Credit Union Limited.
This agreement contains the terms and conditions under which the loan will be issued and under which it must be repaid by the member.
By signing the Credit Agreement, you the member agrees to be bound by its terms and conditions.
Lending Compliance as of 1st January 2014
In order to process Loan applications the following documentation is required:
- Credit Bureau Report (ICB) www.icb.ie
- Current Personal Bank Statements for the previous 3 months
- Income Certification - Payslips, Pension/Social Welfare slips etc
- Current Mortgage Statements from Lender
- Credit Card Statements for previous 3 months
- Self-employed to provide current yearly accounts from their Accountants, plus Business Bank Statements for the previous 6 months, Tax Clearance Cert
- Other additional information/documentation may be required in order to process loan application
- If you have an existing loan it must be arrears free
Loans seeking approval, are subject to our lending criteria, (Terms & Conditions apply)
Should any borrowing member find themselves in difficulty due to some unforeseen circumstances you should immediately contact the Credit Control Officer or Manager . Arrangements can be made to avoid the account going into arrears and protect your good credit record. This is very important as arrears on an existing loan can cause problems if a member applies for further loans. Members in difficulty will be treated sympathetically but the onus rests with member to make early contact with Dunmanway Credit Union Limited. These Loans are other members savings, we as a Credit Union have at all times an obligation to protect members savings, and ensure they get rewards for saving with us.
Terms & Conditions Apply
* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. You are advised to check with our offices for up-to-date rates and offers.
Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at Dunmanway Credit Union. It does not constitute a loan offer. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.