Loan Interest Rate
Currently our Standard loan interest rate is 12% (APR 12.68%). Interest is charged on outstanding principal only, not on outstanding interest. When a loan payment is received, the payment is first applied against the outstanding interest before being applied to loan repayment and savings. Interest is added on a daily basis, so every repayment you make reduces the interest due the next day.
We also have a rate of 8.95% (APR 9.33%) available on qualifying large loans for Home Improvements over €20,000, and for qualifying Car Loans over €12,000. Ask to speak to a loans officer for more details.
Rebates of loan interest paid can be paid to members and this is lodged to your shares. Last year an interest rebate of 12% was paid. Interest rebates are a tax-free way of rewarding borrowers for their loyalty to the credit union, and also making loans even better value for members.
Central Credit Register Notice
Under the Credit Reporting Act 2013 lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on your credit applications and credit agreements.
You can request a copy of your own CCR report and find out more about the register at www.centralcreditregister.ie
From the end of August 2021 certain member data held by the CCR will be shared with the Central Statistic Office. For more information on what this data is and why it is neccessary there is a detailed FAQ section at this link