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Loans within Shares

EXAMPLE:

For a €5000.00 5 year fixed loan, with weekly repayments of €22.00, and interest rate of 5%, and APR of 5.1%; the total amount payable by the member will be €5,649.80.

TERMS & CONDITIONS

The funds deposited and to be secured shall be held by the Credit Union for a period of 3 months prior to application for secured loans.

The funds deposited and to be secured shall be held by the Credit Union for the duration of the Secured Loan.  However withdrawal of savings surplus to the secured Loan is permitted.

A special rate of 5% (APR 5.1%) applies to secured loans.  If there are any arrears as defined hereunder, the Secured Loan will be revoked, and the Secured Loan will become repayable forthwith.  Arrears are arrears once two agreed repayments are missed and this will also cause your savings to be used to clear your loan balance.

The Credit Union shall review the operation of the Secured Loan Scheme at any time and reseves the right to change these terms and conditions.

The Secured Loan scheme applies to loans granted after 9th August 2010.

All secured loans must be covered by regular shares only.

Withdrawal of savings after loan issue under RUle 38(3) will cause the loan to revert back to the General Loan with the interest rate currently at 8.97% (APR 9.4%)

The Terms and conditions attached to your credit agreement also apply.