Loans

 Special Car Loan Interest Rate of 7.99%

We are pleased to announce the continuation of our special car loan rate of 7.99% for 2012.   Terms and conditions apply.  Please contact us for a very competitive quote.
 

This promotion commenced on the 01 January 2008 and will continue for 2012 with no rate increase.  Proof of purchase is necessary, and there are no restrictions on age or make of car you wish to purchase. We will make the loan cheque payable directly to the vendor of the car.  This special promotional rate of 7.99% applies to new loans for car purchase only and cannot apply to existing loans or top up of loans. Normal credit union terms and conditions apply. Some of the benefits of this loan include:

• Availing of 100% finance and therefore Owning Your Car From Day One
• No Penalties for Early Repayment
• Loan Protection Insurance at No Extra Cost *
• Interest Repayments Decrease as you Pay Off your Loan
• Easy Application Procedure and Speedy Decision

Please Contact us for further information.

Most financial institutions, which lend money, are in business primarily to make a profit on the transactions. Your credit union is different, because it is in business solely to help you, its members. Your credit union is owned by its members and regulates its affairs in the best interests of its members. With a credit union loan you are charged less than 1% per month, you receive free life cover and comprehensive accident, sickness and involuntary unemployment cover is available at a reasonable cost. Muintir Clanna Caoilte Credit Union Ltd is regulated by Central Bank of Ireland.

How to apply
Muintir Clanna Caoilte Credit Union will consider loan applications from members for any worthwhile ‘provident and productive’ purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, so, depending on the available funds a number of smaller loans may be given priority over a single large loan.

Applications for loans are by appointment only. Any member of staff can help on this. Loan applications will then be considered by the loan officer or credit committee and decisions made on a regular basis.  Proof of income must be provided at loan application stage, e.g. up to date payslips, letter from employer.

In deciding whether or not to grant the loan, the committee or loan officer will take into account the member's record of saving and repayments, as well as ability to repay and the Board Policy on Loans.  Subject to certain criteria loans to new members and large loans will generally require some form of security and/or a Guarantor. (If a Guarantor is required, the Guarantor must reside within the credit union's common bond and must have an account with the credit union).

Once the loan is granted, the member will be asked to complete a promissory note (which is a legally binding document being a promise to repay the loan), and to commit to regular repayments. This has to be completed in the credit union office.

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

Planning and managing repayments
Muintir Clanna Caoilte Credit Union Policy is that all loan agreements are on a capital and interest repayment basis and the contract will be over a certain agreed period. Members are of course free to repay over a shorter period if they so wish. Loans are generally repaid over 5 years and repayments can be tailored to suit your requirements.

Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on the circumstances, the loan will be renegotiated if possible.

Interest on Credit Union Loans
By law a credit union cannot charge more than 1% per month on the reducing balance of a loan. The current annual rate is 9.4% APR (annual percentage rate). Muintir Clanna Caoilte Credit Union does not charge fees or transaction charges. Since the interest is based on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

Annual Loans
Muintir Clanna Caoilte Credit Union Ltd recently introduced its one year loans. As this is a new venture for this credit union, loans can only be considered for the following at present:

A) Car Insurance
B) Car Tax
C) Health Insurance
D) House Insurance
E) Club Membership

Interest on an Annual Loans are charged at 7.99% APR (annual percentage rate).

Saving while repaying
Members are encouraged to continue saving at all times, even when repaying a loan. Remember that even the smallest amount regularly grows quickly, thus increasing your savings while reducing your loan. Savings not only help build up a fund but also contribute to the credit union's fund. "What we save today may help me/you to borrow tomorrow".

Advantages of borrowing with the credit union.
When you receive a loan from your credit union, you will find many advantages in comparison to other institutions:

• Your loan application will be dealt with strictly on its own merits.
• You can repay early at no additional charge.
• Your loan is protected under our loan protection policy at no extra cost (terms and conditions apply).
• If you wish, you can also protect your loan in the event of accident, sickness, critical illness or redundancy at a reasonable cost.
• The interest charged on your loan will a) be at a reasonable rate and b) will be charged on the reducing balance of your loan.

* Loan Protection Insurance is the insurance cover that your Credit Union provides on the lives of eligible members with Credit Union loans. It is one of the main benefits provided by your Credit Union, allowing you to borrow in the full confidence that your dependants will not have to repay your Credit Union loan in the event of your death. Loan protection Insurance is paid for by Credit Union at no additional direct cost to you, the member.

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Clonakilty Credit Union · Credit Union Centre · Clonakilty · West Cork · Ireland
Tel: +353 23 8833842 · Fax: +353 238834935 · Email: info@clonakiltycreditunion.ie

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