Loans

"You’ve got the wish list......., we’ve got the finance...."

We provide simple inexpensive loans that get you what you want quickly and easily..........

Just over €54 million is currently out on loan to our members......... so don’t miss out on what they’re getting........new cars, holidays, extensions, new windows, garden equipment, gas central heating, conservatories and much more!

To apply for a loan FREEPHONE 1800 22 95 95, visit us at our Credit Union Office!

Loan      Sample Weekly Repayments over:

€	1 year	2 years	3 years	4 years	5 years
2,000	€40.03	€20.81
5,000		€52.01	€36.02
7,000		€72.81	€50.42	€39.26	€32.60
10,000		€104.01	€72.03	€56.09	€46.57
15,000			€108.04	€84.13	€69.85
20,000			€144.05	€112.18	€93.13
30,000			€216.08	€168.26	€139.69

Loans are calculated at our standard loan interest rate of 7.9% (APR 8.2%).  Lending terms and conditions apply.

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Why borrow from Drogheda Credit Union?

• At present, our standard loan rate is 7.9% (APR 8.2%) and this is 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!
• This rate is EXTREMELY COMPETITIVE and compares favourably with other financial institutions.  If you check out www.itsyourmoney.ie you’ll see what we mean (go to ’consumer’ and scroll dow to ’cost surveys’.  Here you will find an independent survey on Personal Loans carried out by the Financial Regulator).
• All applications are dealft with PROMPTLY (often same day).
• We DO NOT CHARGE administration fees, documentation fees, arrangement fees or any other sort of fees.  We are a NON-PROFIT making mutual co-operative.
• There are NO PENALTIES if you decide to pay off your loan early
• NO BALLOON PAYMENTS at the end of your loan term.
• We offer FREE LOAN PROTECTION INSURANCE to our members.  This means your loan will be repaid in full in the event of your death or permanent disability, providing you were in good health when taking out the loan.  With other financial institutions this type of insurance usually costs extra.
• LOW COST REPAYMENT PROTECTION INSURANCE is available against accident, illness and redundancy.  This is optional and will increase your weekly repayments or term of loan but can give you peace of mind.
• Prompt service.  On busy days we will have up to 12 tellers on duty to minimise delays.
• If you have an EXISTING LOAN with us and are looking for another loan, we simply top up your existing loan and caluclate the repayments based on the two combined.
• When applying for Loan we may require up to date PROOF OF INCOME & 3 months up to date BANK STATEMENTS.

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 NEW CU Cash Accounts!

CU Cash Account allows any member with a loan to save and withdraw whenever they wish.  The savings in this account are separate to the savings in your Regular/Special Share account, which are held as security for a loan.

The CU Cash account can be used to save for special occasions like Christmas, holidays, birthdays, Communions, Confirmations etc or for managing your day to day household bills.

Terms & Conditions a) Member must have a loan. b) Members must be over 16 years of age. c) The maximum balance held in a CU Cash Account shall not exceed €10,000 at any given time. d) The CU Cash Account shall be deemed a deposit account and earn a deposit interest rate of 1.5% variable per annum. (Deposit Interest is subject to DIRT at 25%). e) The overall savings balance shall not exceed €66,000 at any time. f) Under the terms of a Credit Agreement all savings are pledge as security in the event of default on a loan agreement.

Application forms available from the Credit Union office or click below 
Download CU Cash - Web Form (120kb)

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Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered based on;

• Its own merits. 
• The member’s shares,
• Their past history,
• Other financial commitments,
• Ability to repay in a reasonable period of time and
• Existing loan balance (if applicable). 

It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the Credit Committee, who meet once a week.

Remember - only members are eligible to receive loans from your credit union.

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What documentation is involved?

Since the 1st April 2005, the documentation used when issuing a loan was changed from a ’Promissory Note’ to a ’Credit Agreement’.  This credit agreement aims to provide credit union members with the highest level of protection when borrowing from credit unions.

What is a Credit Agreement? - A Credit Agreement, once signed, is a legally binding contract between you and the credit union that contains the terms and conditions under which a loan will be issued and under which it must be repaid by you to the credit union.  Signing the Credit Agreement means that you agree to be bound by its terms and conditons.

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Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 

Arrange a standing order from your bank and be sure of regular payments to your Credit Union account. We will send you a statement showing all transactions twice a year.  Click below to download one now!

Standing Order Form Download Standing Order Form (124kb)

IMPORTANT NOTE:  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.

There are no penalties associated with clearing your loan quicker than agreed.

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Interest on credit union loans

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan.  Drogheda Credit Union’s interest rate is 7.9% (APR 8.2%) and compares favourably with other financial institutions (check out the Financial Regulator’s personal loan survey on www.itsyourmoney.ie to see the proof!).  

Changes to interest calculations - In accordance with good practice and in line with the resolutions passed by the Irish League of Credit Unions in relation to the calculation of interest on loans from the 1st of October 2007 interest will be charged on all loans on a daily basis.

Credit unions do not charge fees or transaction charges.  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.