Loan Interest Rate
Currently our 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.
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.