Borrow

A Lurgan Credit Union loan can be granted to any member aged 18 years and over. You need to join before you can borrow.

The advantages of borrowing from Lurgan Credit Union

  1. Our approach is fair and equitable. To us you're a member and not just a credit score. Because of this we always focus on your personal circumstances when considering your application.
  2. Interest is charged on the declining balance of the loan. Unlike the banks, this gives you the flexibility to pay early and pay less interest without incurring any charges.
  3. There’s no need to take out expensive insurance to cover your payments in case of death or permanent disability. At Lurgan Credit Union your loan is automatically covered, (up to certain limits), at no direct cost to you.
  4. Save as you borrow. Members are encouraged to continue saving at all times, even when repaying a loan. Savings help build up your own safety net. Furthermore, having a savings record makes it more likely we’ll accept your loan application in the future.
  5. Repayment plans are flexible and tailored to your needs. If your circumstances change and you need to alter your repayment plan, we are here to help you.

 

About our loans

Our Personal Loan is charged at 12.68% APR. You can borrow:

  • Up to £15,000 with a maximum term of five years
  • Up to £60,000 with a maximum term of ten years

All personal loans are subject to a credit check.

If you already have savings with the Credit Union you can take out a Loan Against Shares up to the value of your shares, without a credit check. The rate is 12.68% APR. Contact our cashiers for further details on applying for a loan against shares.

 

Borrow £4,500 over 60 months
Lurgan Credit Union 12.68% £100.10 £6,003.92 £1503.92
Ulster Bank 21.90% £119.15 £7,149.00 £2,649.00
Nationwide 14.30% £103.41 £6,204.60 £1,704.60
Danske Bank 14.10% £103.00 £6,180.00 £1,680.00

Source: Ulster Bank, Nationwide and Danske Bank website accessed September 2024