Take Out a Loan

Loans with Bagenalstown Credit Union

The Credit Union is a non-profit financial cooperative that is community-based and provides loans to members at attractive low-interest terms.

Our Credit Committee meets every Tuesday to consider loan applications, however many loan applications can be approved on the spot.

One of the main benefits of taking a loan with the credit union is that the interest is calculated on the reducing balance only, this means the faster you pay off your loan the less interest you pay.

Our standard loan rate is 10.8% APR this rate applies to most loans.

A special reduced rate of 6.5%APR applies to loans for 3rd Level Education.

The rate of 6.5% APR also apples to loans to Community Organisations.

The rate 5.5% APR applies to loans within shares.

Check out our loan calculator to work out the repayments on a loan.

What to expect of Bagenalstown Credit Union loans

Low Cost Loans at very reasonable interest rates.

Interest is only charged on the reducing loan balance - this means you pay interest only on the amount due.

Free Loan Protection Insurance to eligible members (subject to terms and conditions).

Easy repayment options including through your Bank by Standing Order or Direct Debit, over the phone by Visa Debit Card, online, call in or post.

There are no penalties if you make larger repayments than agreed, make additional lump sum payments or if you repay the loan early.

Repayment terms are flexible to suit your personal circumstances.

No hidden fees or transaction charges ever

Prompt personal attention from friendly trained professional staff.

How to apply for a loan

Online - Complete the loan enquiry form online and submit it. A member of staff will contact you to complete the application.

You can phone our office and speak to a member of staff.

You can apply at the counter during office hours.

Loan applications should be accompanied by supporting documentation such as current payslip's, 3 months up to date bank statements and loan purpose backup documents .

Members will now be asked to consent to a credit check when applying for a loan with Bagenalstown Credit Union Ltd. This is to ensure that we have a full picture of a members financial situation when assessing applications.

All loan applications and relevant paperwork (i.e.). Payslips, Bank Statements etc.
MUST BE IN BY 12.30PM ON TUESDAYS TO ENSURE INCLUSION AT LOANS MEETING

• Minimum Term: 1 month / Maximum Term: 119 month
• APR 10.80% - Annual Int. Rate 10.25%
  
• Repayments to suit you - weekly, fortnightly, 4-weekly or monthly
• No application fees or early repayment charges

• Minimum Term: 2 months / Maximum Term: 119 month
• APR 7.25% - Annual Int. Rate 7%
• Repayments to suit you - weekly, fortnightly, 4-weekly or monthly
• No application fees or early repayment charges

• Minimum Term: 1 month / Maximum Term: 96 month
• APR 6.5% - Annual Int. Rate 6.3%
• Repayments to suit you - weekly, fortnightly, 4-weekly or monthly
• No application fees or early repayment charges

• Minimum Term: 12 months / Maximum Term: 119 month
• APR 6.5% - Annual Int. Rate 6.3% (also applies to community organisations)
• Repayments to suit you - weekly, fortnightly, 4-weekly or monthly
• No application fees or early repayment charges

• Minimum Term: 2 months / Maximum Term: 119 month
• APR 5.5% - Annual Int. Rate 5.35%
• Repayments to suit you - weekly, fortnightly, 4-weekly or monthly
• No application fees or early repayment charges