One of the easiest, quickest & cheapest ways to borrow is to use your savings as security against the loan.
A loan secured by your savings (a.k.a. your shares) has a special low interest rate of 6.4% (APR 6.6% variable).
A Loan Secured by Savings allows you to borrow an amount equal to your savings in a fast & secure way.
- Instant Loan – on the spot approval – no waiting time
- A really low rate of interest
- Your savings will continue to earn future dividends
- It is often easier to repay a loan than try and save that amount again
- Helps you establish a line credit; enabling future credit opportunities
- Guarantees you won’t spend your savings, as you may not withdraw the pledged amount until your loan is repaid in full
- Easy repayment options
Especially if you are over the age of 55 and have savings with us, this is the best loan option for you.
By leaving your savings intact in your account, you will not affect your free Life Savings Insurance with the Credit Union, which would reduce if the balance of your money in savings fell after your 55th birthday.
Repayments on a €1,000 loan over 1 year would be €19.88 per week. Total cost of credit is €33.54.
Remember; loan protection insurance is included at no extra cost.