Please note: Before any of our online services can be activated, we will need all members to update their Identification Information held by us. If you haven’t already done so please refer to this document which details what we need from you.
Why borrow with the Credit Union?
- Straightforward loan application procedure.
- Choice of repayment options to suit your circumstances.
- Fast loan approval process.
- Lower interest rates – from 6.00.% – 12.00%*.
- No set up, application, documentation or other hidden fees or costs.
- No upfront repayments.
- No transaction charges.
- No penalty charges for early repayment.
- Free loan protection insurance on every loan, if the borrower dies the loan is cleared – subject to age and health restrictions.
- We only charge interest on the balance outstanding, therefore the quicker you clear the loan, the less interest you pay. *Typical APR 9.420%
Compare us to other financial institutions: click here
Free life protection on your loan – LP
Roscommon Credit Union Ltd. maintains insurance protection on eligible borrowing members, this means that on the death of a member the remaining balance of the loan is cleared from the insurance scheme and does not have to be repaid from the estate of the member. There is no direct charge to the member for this insurance cover. Other financial institutions charge a separate insurance premium on top of loan repayment for this service. So you can borrow from Roscommon Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance. This cover extends to permanent disability.
Who is eligible?
Members are automatically eligible if they:
- Carry out the normal duties of their occupation
- They are in good health
- In some circumstances a declaration of health may be required
- Under the basic policy, Insurance cover ceases on the members 70th Birthday.
- Only one member shall be insured in respect of any one loan.
Roscommon Credit Union Ltd v’s Other Financial Institutions
RCU: Rates Low Interest rates ranging from 4% APR* to 12.00%
Other: Apr Personal loan rates can be higher than 10% APR, Credit Cards 19% APR*
RCU: Fees We don’t charge any processing or documentation fees for loans
Other: Many lending institutions charge documentation fees (as much as €50)
RCU: Insurance Free Life Loan Protection Insurance* You pay for any loan protection insurance
Other: You pay for any extra insurance cover
RCU: Early Payment No penalties for paying off your loan early
Other: Often penalties are applied for paying off your loan early
RCU: Loan Application Easy application process and a quick decision
Other: Lots of documentation and you may have to wait long periods for a decision
RCU: Surplus You as a member, benefit from any surplus that we make by way of a yearly dividend
Other: Unless you are a bank shareholder you do not get any of the surplus back.
RCU: More loans issued, more interest, greater dividends for you the member
Other: More loans, more interest, greater dividends for the banks shareholders
RCU: Rebates You get money back on your interest paid if a loan interest rebate is paid
Other: You do not get a loan interest rebate
RCU: Interest Interest charged on the reducing balance of the loan, therefore you pay less interest as the loan decreases.
Other: In most cases, you pay the interest off first then you pay the actual loan which you have taken out…
Want to get Motoring? ROSCOMMON Credit Union Can Help!
When it comes to financing the purchase of a car, many people simply look for the lowest rate on offer and believe it to be the best option. Headline rates may attract the most attention but many ‘car finance loans’ offered by garages and some banks are actually hire purchase agreements.
The main difference between using a personal loan and a hire purchase agreement to buy a car is that with a personal loan you borrow money, pay for your car, and own it immediately. However, with a hire purchase agreement, you don’t own the car until you make the final repayment. This means you cannot sell the car if you run into problems making your repayments. Also If you run into difficulty in meeting the terms of the hire purchase agreement, you may be charged a penalty fee for missed repayments, a rescheduling fee (if you need to change the terms of the agreement) and a higher rate of interest may be charged on any repayments which you missed.
Thankfully, a car loan from your local credit union is much more straight-forward. You borrow the money from the credit union, you pay for the car and you own the car immediately. You agree a repayment schedule with the credit union. Interest is charged on the reducing balance of the loan. If you run into difficulty, you can talk to the credit union to see if you can come to an agreement on the repayment terms. Should you be in the happy position of being able to repay the loan early, you may do so without any penalty charges.
Having arranged finance with the credit union in advance of going shopping for a car also puts you in a stronger position. It helps to know exactly how much you have to spend and because you are not going cap-in-hand to the dealer, you are effectively a cash buyer and you may be able to negotiate a better deal.
It is estimated that credit unions provide approximately 30% of all car finance deals so if you’re thinking about your options for financing a car purchase, look no further than your local credit union.
Commenting on the launch of the car loan campaign ROSCOMMON, Bernadette Moran, Manager of ROSCOMMON Credit Unions said: “People in the ROSCOMMON area are still buying cars but are shopping around for better value in the car financing deal. ROSCOMMON credit union is very happy to announce a particularly noteworthy car loan rate. We would urge anyone who is considering buying a new car to visit their local credit union to discuss what options are available to them.”
What Makes a Car Loan Different at Roscommon Credit Union?
- There are no hidden fees or transaction charges.
- Credit union interest rates are fair and reasonable and capped by law.
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
- Once you are eligible for a credit union loan, repayment terms can be designed around your needs.
- 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!