Loans
Why is a Credit Union Loan better?
A credit union loan has some very special features:
- Loans are insured at no direct cost to the eligible member
- No hidden fees or transaction charges
- Very reasonable interest rates
- Repayments calculated on the reducing balance of the loan. This means smaller interest repayments as you repay your loan
- Repayment terms to suit your particular circumstances
- You can repay the loan earlier with no penalty
- Additional lump sum repayments accepted with no penalty
- Flexibility to make larger repayments than agreed with no penalty
How much does a Credit Union Loan cost?
Ardee Credit Union currently has an interest rate of 7.99% (subject to change). However, it should be noted that by law a credit union cannot charge more than 1% per month on the reducing balance of your loan. This means at present a €1,000 loan repaid monthly, over one year currently will cost you a maximum interest payment of € 43.21. Unlike other financial institutions there are no fees or transaction charges.
In addition last year we rewarded our borrowing members with a 5% Loan Interest Rebate – for every €100 paid in interest members €5.00 was lodged to members’ shares. Check out our Loan Calculator for a loan that suits you.
Why is a Credit Union Loan better? | How much does a Credit Union Loan cost?
What about repayments? | How do I apply for a loan?