Planning and managing repayments
Lurgan Credit Union Limited is 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 if possible.
Interest on Lurgan Credit Union Limited loans
'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 from Lurgan Credit Union Limited.
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 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.