What is a credit union?
Saving with your credit union
Borrowing from your credit union
Benefits of obtaining a credit union loan
Benefits of credit union to members
What is a credit union?
A credit union is a financial co-operative owned and controlled by its members.
It is run only to benefit its members who are all connected through the common
bond. Members, as shareholders in their credit union, receive dividends on their
savings (which are called shares) and are eligible to apply for loans.
Irish credit unions have over 2 million satisfied members with combined assets
in excess of €7billion. Throughout Ireland almost 550 credit unions offer
financial security.
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Saving with your credit union
Regular
saving with the credit union also has the benefit
of:
- Excellent return on your money
- No hidden charges or fees on any transactions
- Life savings insurance for eligible
members, at no additional cost, up to €12,700
- Eligibility to borrow
- Easy withdrawal of your shares (once not pledged against a loan)
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Borrowing from your credit union
The credit union is a not-for-profit organisation and exists solely to benefit
its members. Therefore it charges fair interests on
loans
- in fact interest on loans is set by law at no more than 1% per month on the
reducing balance (12.6% APR) although most credit unions charge at a rate lower
than this and repayments are tailored to meet each member's personal circumstances.
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Benefits of obtaining a credit union loan include:
- Loans at reasonable rates of interest
- The assurance that interest rate on loans cannot increase above 1% per
month. Interest is charged on the reducing balance of your loan
- Your loan application will be dealt with us on its own merits
- Loan Protection Insurance
at no additional cost
- No hidden fees or transaction charges
- Benefits of membership
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Members of a credit union enjoy unique
benefits that include:
- Savings remain in the community for the mutual benefit of all the members
- Loans at reasonable rates of interest
- Loan Protection and Life Savings
insurance (under most circumstances conditions and limits apply) at
no direct cost to the member
- Friendly and well informed personnel
- The right to vote and have your opinion matter
- The knowledge that your credit union exists only to benefit you and your
fellow members
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