Questions & Answers Questions & Answers

Questions & Answers

To find the answers to these questions, scroll below!
What do I need to join your credit union?
What are your opening hours?
I’ve forgotten my account number. Can you email it to me?
I used to be able to access my account online but I can’t now, how come?
What are the benefits of becoming a member?
How is a credit union different to a bank?
Who can borrow from Drogheda Credit Union?
How much can I borrow?
How long do you have to be a member before I can borrow?
Can I change my repayments?
What is your interest rate on loans?
Can a child borrow?
What is a budget account?

What do I need to join your credit union?

In line with current legislation (Criminal Justice Act 2010) you must provide photographic proof of your identity i.e. a current valid passport or driving licence, written proof of your address i.e. a recent household bill such as telephone or electricity bill and proof of your PPS number which can be obtained from the Department of Social Welfare and is present on your payslip, P60 and other government documentation.

There are no age restrictions to joining Drogheda Credit Union however, it is important to note that if you join after the age of 80 you are not covered for Loan or Share Protection Insurance (for more details check out Insurance Section).

(Please note, members under 16 need their birth certificate, proof of their PPS number and be accompanied by a parent or guardian who need written proof of address).

What are your opening hours?

DROGHEDA OFFICE
MON: 9.30 am - 5.00 pm
TUE: 10.00 am - 5.00 pm
WED: Closed
THU: 9.30 am - 5.00 pm
FRI: 9.30 am - 7.00 pm
SAT: 9.30am - 12.30pm

TRIM OFFICE
MON: 10.00 am - 4.00 pm
TUE: 10.00 am - 4.00 pm
WED: Closed
THU: 11.00 am - 4.00 pm
FRI: 9.30 am - 7.00 pm
SAT: 9.30am - 12.30pm

BETTYSTOWN OFFICE
MON: 11.00 am - 1.00 pm
TUE: 11.00 am - 4.00 pm
WED: Closed
THU: 10.00 am - 1.00 pm / 2.00 pm - 5.00 pm
FRI: 10.00 am - 1.00 pm / 2.00pm - 7.00 pm
SAT: 10.00am - 12.30pm

I’ve forgotten my account number, can you email it to me?

For security reasons we cannot email your account number to you. Just call our office on 041-9838496 at any time and one of our staff will be happy to oblige.

I used to be able to access my account online but I can’t now, how come?

Members who had a PIN number for our previous website will now find that they can no longer access their account online. The reason for this is because we have developed a whole new system for registering members PIN numbers online. The new website will not recognise old PIN numbers until they have been re-registered via the ‘Register for your PIN’ form on our home page. If you have any further difficulties, please do not hesitate to email us at info@droghedacu.ie

What are the benefits of becoming a member?

Members of a credit union enjoy many benefits associated with their membership, including;

  1. Control over their own finances
  2. Encouragement and advice on a regular savings program
  3. Excellent service
  4. Loan availability at relatively low rates of interest. Drogheda Credit Unions interest rates are currently 7.9% (APR 8.2%) for standard loans and 4.9% (APR 5.2%) for Special Saver Loan.
  5. Security of savings through the Credit Union’s fidelity bond, the Irish League of Credit Unions’ Savings Protection Scheme and the government Deposit Guarantee Scheme.
  6. Loan Protection and Life Savings Insurance, under most circumstances, at no direct cost to the member.
  7. The confidence that the Credit Union has no hidden charges or penalties for early loan repayment.
  8. A wide and growing range of services
  9. Directly contributes to the economic development of the local community.

How is a credit union different to a bank?

Banks have a different structure, ownership and purpose to Credit Unions. The primary motive of a bank is to make profits for its shareholders. At a Credit Union, there are no external shareholders influencing the course of their activities.

Credit Unions are regulated by the Irish Financial Services Regulatory Authority to ensure their members interests are the sole reason for its existence. Credit Unions put people before profit. Any earnings in excess of operational costs made by a Credit Union are returned to the members in the form of a dividend or interest rebate on loans.

Credit Unions also give members a sense of belonging and protects them from financially over-extending themselves, takes appropriate steps to ensure members have the capacity to repay loans and minimise members’ exposure to risk and act with prudence and in the long-term interest of members.

Who can borrow from Drogheda Credit Union?

Only members are eligible to receive loans from your credit union.

How much can I borrow?

Drogheda Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits.

How long do I have to be a member before I can borrow?

Generally, we encourage our members to build up a savings record over three months before applying for a loan

Can I change my repayments?

Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to a member of the credit union staff. They will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

What is your interest rate on loans?

At present our interest rates are 7.9% (APR 8.2%) for our standard loans and 4.9% (APR 5.2%) for our Special Saver Loans for members who want to retain their shares. We have also a new Student Loan of 5.9% (6.08%) for any member looking to go to 3rd level education. This is open to students or family members of students.

All our loans are calculated on the reducing loan balance. This means you only pay interest on what you owe. The quicker you pay off your loan the less interest you pay. Simple!

Can a child borrow?

Yes, members under 16 can borrow from Drogheda Credit Union. All loans to minors must have a parent or guardian sign an indemnity form which is a guarantee from them that the loan will be paid. A separate indemnity must be completed for each loan to a minor member.

What is a budget account?

Under this scheme, members can have their recurring accounts (house insurance, car tax, car insurance, life insurance, V.H.I., E.t.c.) taken care of by paying weekly or monthly installments and bringing their bills to the credit union. The credit union will then pay the account on behalf of the member. There is a handling charge that applies per bill paid on behalf of the member and a deposit of 10% is required to set up the budget account. Any account not paid on time will be charged interest.

Membership is open to members of the credit union whose account is in good standing, and whose application is approved by the Board of Directors.

Contact Us
  • Tel: 041 9838496
  • Fax: 041 9835684
  • Email:
  • Clarke House, Laurence Street, Drogheda, Co. Louth
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Drogheda Credit Union Ltd. is Regulated by the Central Bank of Ireland. Reg No. 23CU