There are now TWO attractive loan rates available for our members. The rate of interest is at a variable rate.
1. Standard Loan Rate of 9.9% p.a. (10.36%apr)
2. Secured Loan Rate of 6% p.a. (6.18%apr)
Note: Secured Loans are available to members who hold a share balance which exceeds or equals the loan value.
Here are just some of the reasons why you should consider a Credit Union loan with St. Joseph’s:
- Quick Decisions - Loans are considered on a daily basis in some cases, with the longest being weekly.
- No Fees, No Fuss - There are no loan administration charges
- Flexible Loan Terms - Repayment terms can be tailored to the loan size
- Low Interest Rates - Competitive rates
- Free Loan Insurance - Unique to Credit Union borrowers (Some terms apply)
- No Closure or 'Balloon' payments - Credit Union loans can be repaid early without penalty
- Loans up to €50,000 available - All prudent projects considered
- Loans over €50,000 will be considered - Subject to board approval
- 'Top-up' Finance Facility Available - Ideal for 'cyclical finance'
Points to Note
When you borrow from the Credit Union you do so as a member and benefit from the shares of fellow members. You may do so only for productive purposes; seeking only what you need leaving as large a loan fund as possible available to as many members as possible.
- Loans will only be granted for provident and productive purposes.
- Loans will only be granted based on the member’s ability to repay as assessed by the Credit Committee.
- St. Joseph’s Irish Airports & Aviation Credit Union is a member of the Irish Credit Bureau which means a credit check may be carried out.
- The upper limit for loans is generally €50,000. Applications in excess of €50,000 will be considered by the board of directors.
- Minimum shares must continue to be lodged during repayment of a loan.
- Loan applications may be considered by:
a. A Credit Officer. Many low value loans, or Loan Applications covered by
Shares, are considered on the spot. However, limits apply and if the
application exceeds an individual Credit Officer’s limit, the application will be put
to the Credit Committee.
b. The Credit Committee, which meets on a weekly basis (on Tuesday) and
considers applications presented over the previous week.
- If possible, loans will be paid out in the week in which they are approved.
- Revision of any loan contract may only be made by the Credit Control Committee or the Board of Directors.
- Loans are granted on the basis on an agreed repayment period consistent with the amount advanced. The maximum repayment period of loans is five years.
Repayment periods of longer than five years will be considered by the Board of
- The Credit Union may require such security as specified by the Credit Committee or Board.
- Loans covered by shares may be issued immediately if required by a member.
- Appeals against decisions of the Credit Committee may be made to the Board of Directors. Such appeals should be made in writing to the Secretary of the Credit Union setting out all the relevant details.
- Emergency loan applications will be considered immediately by the Credit Union if the Credit Officer and the Credit Committee are satisfied that such action is warranted. Documentary evidence proving the urgency of the situation may be required.
- The Credit Committee will determine the date on which a loan may be advanced, having regard to the schedule of cash receipts as drawn up by the Treasurer.
- Loan applications will only be considered if they are made on the official Loan
Application Form which must be fully completed.
- Loan approval shall be forfeited unless cheques are drawn within 28 days of the date of approval.