Slieve Gullion Credit Union Limited
Slieve Gullion Credit Union Ltd Slieve Gullion Credit Union Ltd Slieve Gullion Credit Union Ltd Slieve Gullion Credit Union Ltd
House & family

Overview

What is so different about a Credit Union loan?

Before taking out a loan of any kind, it’s worth taking the time to understand how lending works. That way you can compare the benefits and be aware of the risks.

Here are some of things that make a credit union loan different:

–  There are no hidden fees or
   transaction charges

–  Credit union interest rates are
   fair and reasonable and
   capped by law

–  Repayments are calculated at a
   daily rate on your reducing
   balance, so you pay less
   interest with each repayment

–  Once you are eligible for a
   credit union loan, repayment
   terms can be designed around
   your needs

–  Your credit union loan is
   insured subject to terms and
   conditions at no direct cost to
   you. Other lenders charge for
   this.
   Click here for more information.

–  You can pay off your loan
   early, make additional lump
   sum repayments or increase
   your regular repayments,
   without a penalty.

   Other lenders may charge you
   extra for paying them back
   faster!

How much does a Credit Union loan cost?

Slieve Gullion Credit Union Limited can give you details of current interest rates.

Click here to use our Loan Calculator.

What about repayments?

Loans are based on what you can afford to pay and your repayments are planned around your individual circumstances. In order to apply for a loan you will need to:

–  Be a member of this credit
   union
–  Be able to provide proof of
   income (we ask for 3 months
   bank statements/post office
   statements along with payslips
   if applicable.

How much can I borrow?

A member may borrow up to £15,000 above their shares. First time borrowers may be asked to provide a Guarantor who must be a member of the credit union.

All borrowings will be subject to our usual criteria. Any borrowings are subject to individual circumstances and approval by the Credit Committee.

 

Loan Agreement & Conditions

 

“With 12.00% interest (maximum APR 12.73%) after as well as before maturity on the amount from time to time outstanding at the rate of 1.00% per month on the unpaid balance, payable on the same dates. In case of any default in payment as agreed, the entire balance of the promissory note shall immediately become due and payable.

In consideration of you having agreed at our request to advance sums to the Borrower I the Guarantor jointly and severally guarantee the repayments by the Borrower of all the sums on the Note at the times and manner set out in the note and my liability shall not be effected by the granting of time or indulgence to the Borrower or any Guarantor, the impairment of any security taken from the Borrower or for any reason which but for this provision might release me from liability on this guarantor.

The Borrower and Guarantor severally hereby pledge all paid shares, all payments on account of shares and all deposits, which each now have or hereafter may have in Slieve Gullion Credit Union Limited as security for repayment of this loan together with interest, costs and expenses.

The Borrower and Guarantor severally waive presentments for payment, demand, protest and notice of protest and dishonour of the same.

The Note to the extent it covers refinancing of an existing loan is in substitution for any promissory note given by the Borrower in respect of that loan.”