Get A Loan

Establish a good savings record by saving regularly so as to build up security for your loan

The two most important things about a loan are, being able to borrow the money and being able to repay it.

At Cobh Credit Union Limited we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.

Why chose Cobh Credit Union for a loan?

  • There are no hidden fees or transaction charges
  • Our interest rates are fair and reasonable compared to others in the market
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

What you need to apply for a Credit Union Loan

To apply for a Loan please provide:

  • Proof of Income (most recent payslip or social welfare payments)
  • 3 to 6 Months Bank Statements
  • Mortgage Statement
  • Credit check will be performed
  • In certain circumstances, a guarantor may be required

Understanding Loans

Before you decide to borrow money, think about how much you can afford and what would happen if your circumstances change. Cobh Credit Union is a responsible lender and as such urges any member to think carefully before entering into any loan agreement. Please go to Consumer Help – for help on what you should consider before taking out a loan.

How much does a loan cost?

The maximum interest rate which a credit union can charge is 12% (typical 12.7% APR)*. In practice, most credit unions have interest rates which are significantly lower than that. Please check with your local credit union for further details. The maximum loan period can vary, depending on each credit union’s own policy.

*For a €3,000 one year variable rate loan with an interest rate of 12%, an annual percentage rate of typical 12.7%, the monthly repayment will be €266.55 and the total amount repayable will be €3,198.56.

Warning:  If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future

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