Borrowing from Lurgan Credit Union Limited

Lurgan Credit Union Limited offers members the option to save and borrow, we offer flexible terms for borrowers.  We can help you choose a repayment plan that suits you.  If your circumstances change and you need to alter your repayment plan, we are here to help you.  Members should remember that you can repay your loan in full, at any time, without penalty or additional charges. 

We will consider loan applications from members for any worthwhile purpose.  Each application is treated in the utmost confidence and will be considered on its own merits.  It is our policy to meet the borrowing requirements of as many members as possible.

Loan applications will be considered by our Loan Officer or Credit Committee depending on circumstances. 

When considering a loan application, the Credit Committee or Loans Officer will take into account the member's savings record, ability to repay and the need for the loan.  Lurgan Credit Union Limited has drawn up a policy for granting loans and will use this to help them reach a decision. Click here for more information on the loans policy.

Once the loan is granted, the member will be asked to complete a promissory note (which is a legally binding document where the member promises to repay the loan).  The member is committed to making regular repayments on the loan.

Planning and managing repayments

We are flexible with regard to repayment plans, though there are some legal limitations to the length and amount of loans.  The member will be advised on the best repayment plan to meet their own circumstances.  Members are generally advised to repay a loan in as short a time as possible.  If you experience difficulties in meeting repayment commitments, you should immediately explain the situation to us, and the matter will be treated sympathetically and in total confidence. Depending on the circumstances, the loan may be renegotiated.

Interest on your loan

'Truth in Lending' is the policy of the Credit Union movement.  Normally there are no fees or transaction charges.  Lurgan Credit Union Limited currently have an interest rate of 7.5% APR.  We charge the interest only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.  This allows members to exercise as much control over their own finances as a borrower.

Loan Protection Insurance

Many people choose to take out insurance to cover outstanding loans in case of death or permanent disability. In Lurgan Credit Union Limited the savings and loan balances of all eligible members are automatically coved, (up to certain limits), at no direct cost to the member.  This means that you can borrow in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death or permanent disability.

Saving while repaying

Members are encouraged to continue saving at all times, even when repaying a loan.  Remember - even the smallest amount saved regularly grows quickly, and that your savings and loans are protected by insurance. Savings not only help build up your own fund but also contribute to the Credit Union fund.

Advantages of borrowing with Lurgan Credit Union Limited?

When you receive a loan from Lurgan Credit Union Limited, you will find many advantages in comparison to other institutions:

• Your loan application will be dealt with strictly on its own merits

• You repayments will be tailored to meet your own personal circumstances

• The interest rate you pay will be reasonable, and interest will be payable only on the reducing balance of the loan.

• The repayment schedule can be adjusted to meet your own changing circumstances if necessary.