You’ve decided the time is right to embark on your Home Improvement and now to the question;

Where can I get a great value, straight forward Home Improvement Loan to make my dream home a reality! You’ve come to the right place!

We’ve noted all the questions our members have asked us around home improvement loans and answered them below, so you’re armed with all the important knowledge before embarking on your loan journey.

If we’ve missed anything simply pop us a home improvement loan enquiry today – we’d be more than happy to chat.


  1. Why get a Home Improvement loan with Roscommon Credit Union Ltd?

Roscommon Credit Union Limited, is owned by you, our members. Members of Roscommon Credit Union Ltd, share a common bond in that they live and work in the Roscommon area. Unlike banks, we are not-for-profit, and like to give back to our members at the end of each year in the form of an interest rebate.

This year we are proposing to give a 7% interest rebate* to members, who currently have a loan with us. An interest rebate means that you get a refund of part of the interest you have paid on your credit union loan(s) in the past year up to 30th September 2019 (01 Oct 2018 – 30th Sept 2019, our financial year end).

*The interest rebate figure will be discussed at our annual AGM in early December, where the proposed percentage interest rebate will be agreed and ratified. Members can expect an interest rebate in their account in plenty of time for Christmas! All members are invited to attend our AGM, details will be posted in our offices and across social media in the coming weeks.

The level of customer experience at the credit union is unparalleled (we’ve won the Customer Experience Awards five years in a row, a global first) and it’s no different in Roscommon Credit Union Ltd. We pride ourselves on always having a friendly face to greet you and assist in whatever way we can, you won’t find a machine to deal with, and we value the personal touch as do our members!

And if that wasn’t reason enough to consider your local credit union for a Home Improvement Loan, we have some really attractive loan rates and fast approval turn-around times, we’re pretty much the best place to get loans – loans with no jargon, no complexity. Just plain, simple service.


  1. How can I apply for a Home Improvement loan?

First and foremost you must be a member of Roscommon Credit Union Limited to apply for a loan. Click here to read how to become a credit union member. Once you are a member, you can apply for a loan right away! There is no waiting time, no building up savings to borrow, simply put you can Join Today and Apply Straight Away! Loan applications can be made in person in any one of our three branch offices or over the phone – whichever suits you! Click here to view documents you need to apply for a loan. We have also made it simpler for you to share documents with us, you can upload documents directly online or email us at info@roscommoncreditunion.ie


  1. How long does it take to get a Home Improvement loan?

95%* of all credit unions loans are approved*(We like saying yes)! Once your loan application and supporting documents are submitted, credit check complete and where required a guarantor is in place, you can expect to hear back from our loans team within 24 – 48 hours!


  1. How much can I borrow for my Home Improvements?

Our members can borrow up to €100,000 with no minimum borrower amount. No matter how big or small your home improvement needs, Roscommon Credit Union Ltd can build a loan around you and your home. With the added benefits of spreading the cost over a 10 year term and interest calculated on a reducing balance – (what’s not too like!) If you have a certain amount in mind, why not submit a loan enquiry today.


  1. How much will a Home Improvement loan cost me?

The cost of a loan varies on the amount you borrow and the rate of interest, if for example you were a first-time borrower, you are eligible for a Home Improvement Loan at a very competitive interest rate of 6% (APR 6.19%) spread over a 3 year term.

If for example you were building an extension, retrofitting your home and applied for a home improvement loan to the value of €55,000, over 119 months at an interest rate of 8% (APR 8.3%), with weekly repayments of €190.74, the total amount payable would be €76,834.95 with a total cost of credit of €21,834.95.

If you have a certain amount in mind, why not submit a loan enquiry today.


  1. Can I get a Home Improvement Loan without Savings?

Yes, you can. A person can join and apply for a loan all on the same day! There is no waiting or saving period required. We also DO NOT APPLY Restrictions to the value of the loan to a first time borrower, loans are granted on a members capacity to pay, all loans are considered on their own merits.


  1. Do I need to be a member for a particular amount of time before applying for a Home Improvement loan?

Once you become a member of Roscommon Credit Union Ltd you can apply for your loan straight away. There is no waiting period no matter if you are a new or existing member.


  1. Can I get a Home Improvement loan if I’m still paying off another loan?

If you have credit card debt or a loan with another financial institution, you can still apply for a home improvement loan with Roscommon Credit Union Ltd. Members may benefit from merging loans together and availing of our great rate Switcher or Consolidation Loans – which could end up costing you less than paying off separate loans, if the interest rate is lower with Roscommon Credit Union Ltd. We are more than happy to walk you through your best options, that’s another great benefit of Rosocmmon Credit Union Ltd, FREE financial advice from qualified financial advisers!


  1. Can I get a Home Improvement loan with bad credit or no credit history?

At Roscommon Credit Union Ltd. we like to look at things differently and will assess each individual case – just because you have no credit history does not mean you will be refused a loan. We look at your current capacity to pay and assess every case as it comes.


  1. Can I get a Home Improvement loan with my mortgage?

Re-mortgaging or essentially topping up your mortgage to pay for home improvements might be an option but there is a lot of paperwork and fees involved to do this. Taking out a straightforward low cost home improvement loan with Roscommon Credit Union Ltd. could be a better option.

Also if you are over a certain age, a lot of banks will not allow you to re-mortgage. At Roscommon Credit Union Ltd. we are more than happy to lend to our members up to the age of 85.


If that hasn’t answered all your questions, we are more than happy to chat to you, simply call us on 090 6626657, alternatively email: info@rosocmmoncreditunion.ie or complete our online loan enquiry form

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