About Our Loans
Loans from Castleblayney Credit Union have the following great benefits:
- Competitive interest rates
- Loan protection insurance on eligible loans at no extra cost
- Interest is only charged on a member’s reducing loan balance
- No hidden charges/transfer costs
- Flexible loan repayment arrangements to suit your preferences and circumstances
- No penalty for lump sum repayments or early loan redemption
Remember – only members are eligible to receive loans from your credit union. So if you’re not a member, why not join today?
WARNING: If you do not meet the repayments on your credit agreement your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
WARNING: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.
The Approval Process
Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We endeavour to make a quick decision on your application so you can enjoy the benefits of your loan as soon as possible.
Interest on Credit Union Loans
By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. Castleblayney Credit Union Limited charges an interest rate of 10.6% (11.1% APR*) on its standard loan product. Special rates are also available. Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see all our loan rates and how reasonable a credit union loan could be. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.
*Annual Percentage Rate
Central Credit Register
Castleblayney Credit Union is a member of the Central Credit Register. The Credit Union has a legal responsibility to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan.
We always assess a loan application on the basis of a member’s willingness and ability to repay but recent regulation requires us to modify the way we make decisions on loan applications to ensure that a Member is not in arrears with their mortgage and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the The Central Credit Register.
You can view a guide to the Central Credit Register fact sheet here (pdf).
All loans are subject to approval. Terms & Conditions apply.