Loan Applications

Mitchelstown Credit Union will consider loan applications from members for prudent or provident  purposes. Each application is treated with the utmost confidentiality and will be considered on its merits.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office. Our staff will give you any assistance required. Loans will then be considered by a Loans Officer, or will go to the weekly Credit Committee meeting.

In deciding whether or not to grant the loan the Loans Officer or Credit Committee will take into account the members record of savings and loan repayments, as well as their ability to repay.

Advantages of a Credit Union Loan

• Credit Union members pay no service charge, arrangement or documentation fee on loans.
• Loan Protection Insurance is provided free of charge by the Credit Union on all loans (Terms and Conditions apply). This insurance can be costly when borrowing elsewhere.
• There is no penalty for early clearance of a Credit Union loan and no ’balloon’ payment at the end.
• Flexible term and repayment options are available with all Credit Union loans which are always at a competitive rate of interest.
• One really attractive feature of a Credit Union loan is that you pay interest on the reducing balance only. In other words, if you wish to pay off a large chunk of the loan in one go, you only pay interest on the outstanding amount of the loan.

What you need when applying for a loan?

When making a loan application you will be asked to produce proof of income and bank/mortgage statements.

Once the loan is granted the member will be asked to complete and sign a Credit Agreement, which is a legally binding document, being a promise to repay the loan, and to commit to regular repayments.
Remember - only members are eligible to receive loans from your credit union.

Terms and Conditions apply

Planning and managing repayments

Credit Unions are flexible with regard to repayment plans, though there are some legal limitations to 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.

Our maximum loan term is currently 5 Years.

By law Credit Unions cannot charge any more than 12.68% (APR) per annum (1% per month) on the reducing balance of a loan.

Currently Mitchelstown Credit Union's Standard Loan Rate is 8.97% (9.4% APR) and we offer a special rate for Student/Educational Loans of 5% (subject to Special Terms and Conditions). Credit Unions do not charge fees or transaction charges. 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.