About Our Loans
Loans from Carrickmacross Credit Union have the following great benefits:
- Competitive interest rates
- Free loan protection insurance on eligible loans
- Interest is only charged on a member’s reducing loan balance
- No hidden charges/transfer costs
- Flexible loan repayment arrangements to suit your preferences and circumstances
- No penalty for lump sum repayments or early loan redemption
Remember – only members are eligible to receive loans from your credit union. So if you’re not a member, why not join today?
The Approval Process
Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We do our best to make a quick decision on your application so you can enjoy the benefits of your loan as soon as possible.
All applications are treated confidentially and on their own merits. The key consideration is a member’s ability to make the loan repayments over the term of the loan. When applying we usually ask members to provide the following documentation:
- proof of income (usually payslips, P60s, bank statements, accounts etc)
- confirmation of outgoings (details of other outstanding loans and obligations)
- if you have a mortgage we may request the most recent mortgage statement
- current photo ID
- current utility bill within 3 months.
Decisions on loans are made by loans officers and the credit committee. You will be informed immediately a decision is made on your application
Interest on Credit Union Loans
By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. Carrickmacross Credit Union Limited charges an interest rate of 10% (10.5% APR*) on its standard loan product. Discounted rates are also available. Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see all our loan rates and 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.
*Annual Percentage Rate
Be in Charge of Your Home Finances
Carrickmacross Credit Union is a member of the Central Credit Register. The Credit Union has a legal responsibility to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan.
We always assess a loan application on the basis of a member’s willingness and ability to repay but recent regulation requires us to modify the way we make decisions on loan applications to ensure that a Member is not in arrears with their mortgage and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the The Central Credit Register.
You can view a guide to the Central Credit Register fact sheet here (pdf).
All loans are subject to approval. Terms & Conditions apply.