The rebranded website features a brighter design; increased accessibility; and simplified navigation. In response to feedback they have completely rebuilt the credit union locator to make it more intuitive and easier to find your local credit union. In addition, the keyword search feature is much more powerful.
They have separated out, and improved, the content available to the general public from that intended for ILCU members - this should eliminate the frustration of clicking a link and unexpectedly being asked to log in.
Why our loans are better...
With the uncertainty in the financial markets causing a stir amongst the banks, Drogheda Credit Union remains steadfast in their quest of providing low cost loans to members with no hidden fees or charges and additional benefits you won’t get anywhere else!
Here’s a quick reminder....
COMPETITIVE INTEREST RATE We’re sticking with our standard loan rate of 7.9% (APR 8.2% Variable) for all your car loans, home improvement loans, holiday loans etc. It doesn’t matter how much you borrow, the rate remains the same. Some banks advertise their lowest rate to attract borrowers but hidden in the small print you’ll find the less you borrow the higher the interest rate. An example taken from one of our main financial institutions reads like this, ‘The APR for loans over €9,000 is 8.9%, from €5,000 to €8,999 is 10.4% and for loans less than €5,000, the APR is 11.7%’.
OUR LOAN INTEREST IS CALCULATED TO YOUR ADVANTAGE Most financial institutions calculate the interest due at the start of a loan. This means that even as you reduce the size of your loan, your interest will remain the same throughout. With your credit union, your interest reduces as your loan reduces. With additional repayments or early clearance of a loan, you pay even less interest! Some financial institutions penalise you for lump sum repayments or for clearing your loan early. WE DON’T! Since Oct. 07, loan interest is calculated on a daily basis. This is also in the best interest of members.
NO FEES, CHARGES OR PENALTIES Your credit union has no document fees, arrangement fees, facility fees, rescheduling fees or any other fees on loans. We don’t penalise you for clearing your loan off early either! With other financial institutions you need to read the small print because quite often there are extra fees and charges on their loans. Sometimes the following warning appears, ‘You may have to pay charges if you pay off a fixed-rate loan early’. These fees, charges and penalties can mean a great difference in the amount you actually end up paying. Your credit union is different! What you are quoted is what you pay! Don’t be afraid to ask for the total cost of your loan so that you can compare our loans against other loans and remember you can reduce the interest you pay on our loans by making additional repayments or by clearing your loan off early (with no penalties!).
YOUR LOAN DIES WITH YOU Your credit union provides Loan Protection Insurance* on the lives of its eligible borrowing members at no extra cost providing you were in good health when taking out the loan. Should an insured borrower die or become totally and permanently disabled, the insurance cover provides that the loan balance will be fully cleared*. With other financial institutions this type of insurance usually costs extra.
OTHER INSURANCE PRODUCTS THAT ADD VALUE!
Life Savings Protection Insurance* - Your savings are insured for life at no extra cost. Depending on your age and how much you have saved with your credit union over the years, this insurance could provide your dependants with up to €10,200* on your death.
Repayment Protection Insurance* - This low cost insurance covers your repayments in the event of accident, sickness, redundancy or if you are self-employed, critical illness. This is an optional extra which could give you peace of mind.
It’s easy to see why Drogheda Credit Union stands out from the rest!
FOR ALL YOUR LOAN REQUIREMENTS, CHECK OUT DROGHEDA CREDIT UNION FIRST!
* Loans and Insurance Products are subject to certain terms and conditions. Drogheda Credit Union is regulated by the Financial Regulator.
Celebrating 50 years serving Communities in Ireland
This is the story of an idea... a great idea that is helping millions of people worldwide to lead better lives. In practice it is simple and, when properly implemented, its effects can be dramatic. Like most great ideas it has stood the test of time.
The Irish credit union movement was founded as a result of the efforts of three dynamic, pioneering and entrepreneurial people namely Nora Herlihy, from Ballydesmond, a teacher based in Dublin; Sean Forde, an employee of Peter Kennedy Bakers, Dublin; and, Séamus P. MacEoin from Kilkenny a Civil Servant working in Dublin.
In Dublin in the 1950’s, they witnessed the effects of high unemployment: sickness, malnutrition, money lending, hunger, poor clothing, poor housing, and inevitably, emigration of one parent or of the whole family. In addition, state unemployment benefits were low and did not last indefinitely leaving many families in abject poverty.
The founders recognised the root of the problem as lying in the scarce availability and poor management of money and resolved to identify a system that would allow people to gain more control over their finances. From their initial pioneering efforts and with the help of hundreds more the Irish Credit Union Movement was born and is now fifty years old.
Today, in 2008 there are 521 credit unions affiliated to the Irish League of Credit Unions with 2.9m members and €13.4m in savings. But figures only tell part of the story. Let’s give credit where it’s most due, to the thousands of Irish men and women whose achievements in their own communities could never be recorded in a balance sheet.
Drogheda Credit Union assured members at AGM that Investments were ‘Safe’.
Drogheda Credit Union held their 40th Annual General Meeting on Tuesday the 4th of December in the Westcourt Hotel.
In his Chairman’s address, Pat Carr, welcomed everyone to the meeting and thanked them for their continued support over the years. He spoke in particular about the continued strong growth of Drogheda Credit Union and reported increases all round, with shares rising by 10% to over €101 million, loans up by 6.7% to €61 million and a surplus income of €4,071,318 which resulted in a dividend of 2.5% being adopted at the meeting.
During the meeting the question of whether Drogheda Credit Union had lost investments in the recent banking industry upheaval was mentioned but those in attendance were assured that all investments were secure and showing strong growth.
Committee Reports & Elections The various committees reported to the members about their activities undertaken during the year. Subsequently, the following officers were deemed elected by the members in attendance - 5 Directors (Paul Brassil, Colman Carroll, Declan Collins, Damien Gardiner, David Mc Donnell), 2 Supervisory Committee (Patrick Heeney, Patrick Mc Keown) and the position of Auditor (Berrill, Kiernan, Garry & Co.)
A free raffle concluded the meeting. Congratulations to all 25 winners of €50 each!
08 September 2010
banks, Drogheda Credit Union remains steadfast in their quest of providing low cost loans to members with no hidden fees or charges and additional benefits you won’t get anywhere else! 
